One of the many responsibilities SMSF trustees have each income year is to value their fund’s assets at market value. The market value is calculated on 30 June and is the amount someone could be reasonably expected to pay if the asset was for sale. These valuations will be used when preparing the annual financial statements and
Read More…
If you have an SMSF paying a pension, you are required to take a minimum amount of income each year from your account. In response to COVID-19, the government temporarily lowered the annual minimum amount until 30 June 2023. From 1 July 2023, the reduction to the minimum pension drawdown requirements no longer applies. Therefore,
Read More…
Topics covered in this edition of our Client Information Bulleting are: Year end tax tips What’s in the Parliamentary pipeline? Are you a primary producer? What has the ATO been saying? The recipe for business success FBT issues From the courts Key tax dates Click here to DOWNLOAD CIB – June edition 2023
The 2023-24 State Budget was delivered on Tuesday 23 May 2023. The full Budget papers are split into five sections and are supported by Budget Information Papers available from https://www.dtf.vic.gov.au/state-budget/2023-24-state-budget. Pertinent highlights including those that may have potential implications for your business and or personal finances are set out below. Key Highlights The government has resolved
Read More…
2023/2024 Full Detailed Federal Budget Report The Federal Treasurer, Dr Jim Chalmers, handed down the 2023-24 Federal Budget at 7:30 pm (AEST) on 9 May 2023. The Budget forecasts the underlying cash balance to be in surplus by $4.2 billion in 2022–23, the first surplus since 2007–08, followed by a forecast deficit of $13.9 billion
Read More…
Topics covered in this edition of our Client Information Bulletin are: From the ATO – has your business been impacted by the floods? Tax concessions for small business entities Using business money from your private company for personal purposes Check your business PAYG instalments Four tips to help nail your record keeping New changes to
Read More…
Topics covered in this edition of our Client Information Bulletin are: From the ATO Are you still using your ABN? Do you provide car parking for employees? Five new year’s tax resolutions Foreign incorporated companies What has parliament done? What’s in the parliamentary pipeline? Key tax dates Click here to DOWNLOAD CIB – February edition
Read More…
Topics covered in this edition of our Client Information Bulletin are: What’s new From the ATO Using a motor vehicle for business Superannuation for holiday work Stapled superannuation fund for employers Key tax dates Click here to DOWNLOAD CIB – November edition 2022
Labor Government 2022/2023 Full Detailed Federal Budget Report The Federal Treasurer, Dr Jim Chalmers, handed down the Labor government’s first Federal Budget at 7:30 pm (AEDT) on 25 October 2022. Despite an uncertain global economic environment, the Treasurer has lauded Australia’s low unemployment and strong export prices as reason for a 3.5% growth in the
Read More…
If you are a director, or alternate director, or if you were a director at any time since 31 October 2021, of any of the following, you must apply for your Director ID number by 30 November 2022: Australian company; Aboriginal or Torres Strait Islander Corporation; Corporate trustee (including trustee of a self-managed superannuation fund);
Read More…
