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Posted in Tax Obligations

Are your Capital Gains Tax records in order?

Posted on 14 March 2018
Capital Gains Tax is a harsh reality for any investor. It pays to stay on top of record keeping for your capital assets, especially long-term ones. It may seem difficult to keep track of everything now but in twenty years time it will be even more difficult. Two of the most common capital assets in Australia are shares and property. Outlined below are examples of the information you may require for capital gains tax purposes. Shares: Original purchase details, incl...
Posted in: 2014 Planning Admin Accounting Software Compliance Tax Obligations ATO   0 Comments

What is the work test?

Posted on 5 December 2017
If you are aged over 65 you must satisfy the "work test" before you can make a super contribution. The work test is defined as 40 hours of gainful employment in a consecutive 30-day period. The work undertaken must be for gain or reward i.e wages or salary. Because of this criteria charity and volunteer work does not meet the work test. Should you have any questions in relation to the work test or your SMSF please contact our office. ...
Posted in: Superannuation 2014 SMSF Planning Member Tax Obligations ATO Strategy   7 Comments

SMSF Sole Purpose Test

Posted on 15 June 2016
  Self managed superannuation funds must meet the sole purpose test under the Superannuation Industry (Supervision) Act 1993 (SISA). The test is based on the principle that superannuation benefits provide for the members retirement, and any investment decision must be made for the future rather than present benefit. Common breaches include: Purchasing an investment that gives benefit to a member or associate before they retire
  Providing financial ...
Posted in: Superannuation Business Structures SMSF Planning Member Compliance Tax Obligations Strategy   0 Comments

Salary Packaging for Employees

Posted on 19 February 2014
  You don’t need a pay rise to increase your income.  Salary Packaging is an entitlement granted by the Federal Government to all workers that allows you to take part of your income as a tax-free benefit. Salary packaging works by having a portion of your pre-tax salary deducted to pay for certain expenses. Income tax will then only apply to the amount of your salary that remains after these deductions have been applied. Salary packaging is limited for ...
Posted in: Employees 2014 Planning Admin Tax Obligations ATO Cash Cash flow Strategy   0 Comments

Tech News

Posted on 20 January 2014
The Australian Taxation Office has launched new specialized search engine on their website called: Small Business Assist. You can access this search engine through the business section of the ATO’s website and it allows users to search for information relevant to small business owners. The user can search a general topic or can type a specific question in and the information is provided in a clear, easy-to-read format. Calculators, videos and website links are provided o...
Posted in: 2014 Admin Tax Obligations ATO Strategy   0 Comments
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