Many Australians would agree that the purpose of their superannuation is to provide income/benefits for themselves and their dependents in retirement. However, the government wants to take this one step further and legislate the objective of superannuation. What is the proposed objective? The government recently announced it plans on legislating an objective for superannuation. The...

Many employers assist workers with work-related expenses by reimbursing them or paying them an allowance. Failure to do so, can sometimes result in resentment from the employee who is otherwise forced to incur the cost themselves. While they may be able to claim a deduction, this would still leave them out of pocket as a...

Did you know there is around $16 billion in lost and unclaimed superannuation across Australia? The ATO recently indicated this is an increase of $2.1 billion since last financial year and is urging Australians to check their account to see if some of the money is theirs. How to find lost or unclaimed super Finding...

The Government has welcomed the actions of an ATO-led taskforce in relation to what is termed “the biggest GST fraud in Australia’s history”. The ATO states that the fraud was first detected in early 2022 and involved offenders inventing fake businesses and ABN applications, then submitting fictitious Business Activity Statements in an attempt to gain a false GST refund....

ASIC has released fresh and timely information around crypto scams. Scammers use cryptocurrencies, like bitcoin or ether, because they are not easily recovered. Crypto can be sent overseas quickly with limited oversight. If you lose your money to a crypto scam, your money is likely gone. If you buy crypto, only invest what you can...

Individuals with large superannuation balances may soon be subject to an extra 15% tax on earnings if their balance exceeds $3m at the end of a financial year. What has been proposed? Recently, the government announced it will introduce an additional tax of 15% on earnings for individuals whose total superannuation balance (TSB) exceeds $3m...

With car fringe benefits one of the most common benefits provided by employers to employees, a new ATO fact sheet shines more light on the FBT exemption for electric vehicles. To recap, in the October 2022 Federal Budget, the government announced that it would exempt from FBT the private use, or availability for use, of...

If you carry on your business affairs through a trust structure, there is now more clarity around the law on distributions following much uncertainty throughout the year. Neither the taxpayer, Mr. Springer, nor the Commissioner has appealed against the Full Federal Court decision handed down in January 2023 (Commissioner of Taxation v Guardian AIT Pty...

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

Already rolling into March…2023 is flying by! From a superannuation standpoint, following are just some of the changes you can expect this year: Super guarantee increase Employers face an increase to their SG liability this year. The rate of SG will increase from 10.5% to 11% from 1 July 2023, before gradually hitting 12% on...