Blog
ATO finalises Section 100A guidance for Family Trusts
Do you operate your business via a family trust? The ATO released its final guidance material on the application of section 100A on 8 December 2022 – TR 2022/4 and PCG 2022/2. In doing so, it has clarified a number of issues which is welcome. To recap, the ATO in February 2022 updated its guidance...
Can you use your SMSF property upon retirement?
Many SMSF trustees wonder if they can live in their SMSF property once they retire. This is a common question particularly as property is such a popular SMSF investment. However, despite superannuation being your own money, there are certain rules around accessing your superannuation which prohibit you from not only using your superannuation to purchase...
The importance of cash flow forecasts
As we enter into the new year, with many economists predicting a slowing of the economy, planning your business’s cashflow is more important than ever. Studies suggest that the failure to plan cash flow is one of the leading causes of small business failure. To this end, a cash flow forecast is a crucial cash...
Reduction in downsizer eligibility age
The eligibility age for downsizer contributions reduced from 60 to 55 years from 1 January 2023. This means if you are age 55 or older, you could invest the proceeds of the sale of your family home to your superannuation outside of your standard contribution caps. Downsizer contributions From 1 January 2023, if you’re aged...
ATO New-Year Resolutions
The ATO has released its new year resolutions…and there is not a gym in sight! According to the ATO the five new year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are: Know if you’re in business or not Are you earning an increasing income from a...
Missed the Director ID Deadline?
Have you missed the deadline to apply for a director identification number (director ID)? If so, you can still apply! The ATO says it will take a reasonable approach with directors who are trying to do the right thing. Importantly, directors who need additional time to apply (beyond 14 December 2022), can request an extension of...
Wallace Partners Client Information Newsletter February 2023
Access our Wallace Partners Client Information Newsletter February 2023 below: Wallace Partners CIN February 2023
Bonus Article, Director IDs and resignations
In the final week of November, the ATO announced that more than one million directors still need to apply for their director identification number (director ID). Importantly, while penalties can apply if the deadline (generally 30 November) is not met, the community can expect that the ATO and Australian Business Registry Services (ABRS) will take...
Bonus Article, Green light for LRBAs
Limited recourse borrowing arrangements (LRBAs) have been greenlit by a recent enquiry, and also comments from the Assistant Treasurer. The Council of Financial Regulators in November released its second report on Leverage and risk in the superannuation system. Consistent with the 2019 report, the Council found that LRBAs are “unlikely to pose a material risk to...
FBT exemption for electric vehicles
Electric vehicles are set to become more affordable for both households and businesses after the government sealed a deal with crossbench Senators on legislation to exempt low and zero emission cars from fringe benefits tax (FBT). The new law introduces an electric car discount in the form of an FBT exemption. This allows for car...