How to deal with SMSF trustee disputes
Everyone goes through the odd rough patch in their relationships with one another and SMSF trustees are no different. However the ramifications of a dispute between trustees are likely to have more wide ranging affects than the average quarrel between friends as SMSF trustees have vested interests, established duties and legal responsibilities towards the fund, where if breached, can result in severe penalties that could affect members’ retirement benefits.
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Changing a will after death — a deed of family arrangement can make it possible
There are times when the terms of a deceased’s will are not suitable and the beneficiaries involved seek to have the will varied. There are various situations where this may be the case, such as changing circumstances over a long period of time from when the will was first drafted, or an estrangement between family members is healed (or vice versa).
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Claiming self-education expenses
The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career.
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PAYG withholding tax tables — a handy reference to keep
Employers are required to deduct PAYG withholding from salary and wages of their employees as well as payments for directors fees, salary and allowances to office holders, payments to labour hire workers, and compensation, sickness or accident payments calculated at a periodic rate, based on rates approved by the ATO. Others deemed to be employees are also subject to these rules.
A tax boost for low and middle income earners
Your lower and middle income clients won’t see any benefit from a new tax offset announced in May’s Federal Budget until about a year from now, when a lump sum credit is recorded in their tax assessment, courtesy of the ATO.
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Tax Store North Ryde in collaboration with Optus Campus
Our partners, Rania and AJ, from Tax Store North Ryde are helping the staff from Optus Campus with their tax returns.
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