Access our Wallace Partners Client Information Newsletter June 2023 below: Wallace Partners CIN June 2023

Prepare the Resolution to Distribute Income The Details:  Trustees for discretionary trusts must resolve to distribute the income of the trust to eligible beneficiaries no later than the 30 June. The resolution formally documents in writing the decision of the trustee, determining which beneficiaries will receive the income of the trust and therefore pay tax...

It is important you keep all your business, staff and client information secure. If your data is lost or compromised, it can be very difficult, time consuming, and costly to recover. The federal government have created a list of top security tips to help keep your and your clients’ information safe. Use strong and secure passwords...

A recent Federal Court case has highlighted important superannuation guarantee (SG) implications for businesses that engage certain types of contractors. Background facts The case of Jamsek v ZG Operations Australia Pty Ltd (No 3) [2023] FCAFC 48 (24 March 2023) concerned two truck drivers who previously drove delivery trucks for a company, ZG Lighting, and...

From 1 July 2023, trustees and directors of SMSFs must report certain events that affect their members transfer balance account quarterly. These events must be reported by lodging a ‘transfer balance account report’ (TBAR) no later than 28 days after the end of the quarter in which they occur. The purpose of this change is...

If you run your business through a family trust, there’s some good news on the distribution front. In mid-April, the ATO responded to the landmark trust distribution case, namely the Guardian AIT appeal ruling in January by the Full Federal Court, with a decision impact statement that where the ATO concedes that it will have...

One of the most common decisions facing business is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, with each resulting in differing accounting, taxation and GST treatment. Options How should you go about purchasing a vehicle? While it may seem a relatively straightforward question,...

Are you an employer who needs to make superannuation guarantee (SG) contributions for your employees? If so, it may be worthwhile bringing forward these SG contributions to before 1 July to benefit from a tax deduction this financial year. However the timing of when SG contributions are deductible to an employer can be tricky if...

This could be the final opportunity for your business to take advantage of Temporary Full Expensing (TFE)…but get in before 1 July! To recap, TFE encourages and supports businesses by allowing an immediate deduction for the business portion of the cost of a depreciating asset. There is no cost threshold – the whole cost of...

Access our Wallace Partners Client Information Newsletter May 2023 below: Wallace Partners CIN May 2023