What you need to know With hundreds of thousands of directors yet to apply for their director identification number (director ID) ahead of the looming November deadline, a last-ditch public information campaign has been launched. The Albanese Government has just launched a new awareness campaign to help company directors obtain their director identification number (director...

Caps and limits untouched In a pleasing development, the important superannuation caps and limits were undisturbed, providing all-important investor certainty moving forward. This means that: individuals will be permitted to contribute just as much to superannuation as currently under the concessional and non-concessional caps at $27,500 and $110,000 respectively (or up to $330,000 of non-concessional...

The confirmation of lucrative income tax cuts, and the scrapping of a tax offset for low and middle-income earners were the big-ticket items. That said, labor’s first federal Budget in nine years was as noteworthy for the changes it didn’t make as for those that it did. Unmentioned were current outstanding issues impacting the taxation...

Access our Wallace Partners Client Information Newsletter November 2022 below: Wallace Partners CIN November 2022

The ATO has issued a reminder to sole traders and partners in a partnership. If you take goods from your business for your private use, make sure you accurately record this in your stock on hand. Accessing your trading stock for private use is permissible from a tax perspective, however you need to account for the stock correctly: each...

The ATO has reminded superannuation members that severe financial hardship does not meet the grounds for compassionate release. This reminder comes as the ATO continues to receive calls from people experiencing severe financial hardship or wanting to access their superannuation to assist with general expense. Background – severe financial hardship Access to superannuation for severe...

A recent Administrative Appeals Tribunal decision reminds us all that SMSF trustees (members) can be disqualified where serious breaches, be they advertent or inadvertent, of the super rules are committed. One of the ways the ATO deal with non-compliance is by disqualifying an individual as a trustee (or director of a corporate trustee) of a self-managed super...

You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non-commercial. A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity...

Following a recent cyber-attack, Optus customers are advised they could be at risk of identity theft. While Optus has not yet revealed how many of its 9.7million customers were impacted, they did confirm that the number was “significant”. Importantly, the breach has affected past Optus customers back to 2017, as well as current customers. Customers...

Fresh statistics released by the ATO reveal that the superannuation gender cap is very real. While the average super balance for a man is $161,834, for a woman it’s $129,506 – a massive 25% difference. This gender gap begins in peoples’ twenties, mostly caused by wage differences and time off for children, and by their...