All SMSF trustees or directors must appoint an approved SMSF auditor to audit their fund every year. Not only is an annual audit mandatory but it must be conducted by an approved SMSF auditor who is registered with the Australian Securities and Investments Commission (ASIC). But who is an approved SMSF auditor and what do...

According to the ATO, the treatment of allowances is one of the most misunderstood areas of payroll. Whether it be misclassifying an amount as an allowance (when it’s actually a reimbursement) or applying the incorrect Payment Summary treatment, PAYG withholding, superannuation or payroll tax treatment, mistakes in this area are easy to make. The distinction...

Did you know you could invest the proceeds of the sale of your family home to your superannuation, depending on your age and circumstances? What is a downsizer contribution? From 1 July 2022, if you’re aged 60 years or older you may be eligible to make a downsizer contribution of up to $300,000 (or $600,000...

In the middle of May, the ATO announced that there will be four focus areas on their radar during Tax Time 2022 – record-keeping, work-related expenses, rental property income and deductions, and capital gains from crypto assets. It is reminding taxpayers that there are three golden rules when claiming a deduction: You must have spent...

Following the election of the new Labor federal Government on 21 May, there are a number of tax and superannuation proposals that they have announced or existing measures they have committed to that may impact you and your business moving forward. Some of course are subject to the passage of enabling legislation through the new...

With the end of financial year (EOFY) fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2022. Tip 1 – Use the carry forward concessional contribution rules If you want to make up for lost time and...

The ATO has just recently reported an increase in fake websites offering to provide tax file numbers (TFNs) and Australian Business Numbers (ABNs) for a fee, but then failing to provide the service – leaving taxpayers out of pocket. The fake TFN and ABN services are typically advertised on social media platforms like Facebook, Twitter,...

As we move towards the end of the 2021/22 financial year, there are a number of year-end income tax planning opportunities that may be available to optimise your tax position. Temporary full expensing Are you contemplating asset and equipment purchases? If so, consider getting in before 1 July to take advantage of temporary full expensing...

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

Thinking about using your SMSF to borrow to invest? SMSF borrowing has become a popular way of maximising retirement savings because it allows you to increase the amount available to invest within your SMSF. SMSFs are generally not allowed to borrow money. However there are some limited exceptions including borrowing to invest under a specific...