Tax in Australia is based on a system of “self-assessment”, which means every taxpayer is required to provide all the information needed to complete a tax return. Under self-assessment, any information you give to the ATO is accepted as being accurate and complete, and the ATO does not take on the responsibility of completing people’s...

There can be some confusion among businesses about correcting errors made on a business activity statement (BAS), with a good proportion of the lack of clarity centred on the distinction between errors that require an adjustment and errors that are straight-out mistakes. Whether or not there is then a requirement to amend a previous BAS...

Managing your retirement savings and controlling an investment portfolio are two responsibilities that are stressful enough without having to worry about the minefield of potential compliance mistakes that can be inadvertently made. Here we have compiled suggestions as to what self-managed superannuation funds (SMSFs) should look out for in 2013. Remember changes to the SMSF...

With the year end approaching, we run through tax and superannuation changes you can expect from January 1, 2013. January 1, 2013 The Dad and Partner pay will be available to eligible working fathers and partners who:  care for a child born or adopted from January 1, 2013 work full-time, part-time or are casual, seasonal,...

They say there are two things that are certain in life – taxes and death. Daunting as the latter may be, it is vital to devise an estate plan. All it takes is good advice, advanced planning and some serious thought. A complete estate plan will allow you to protect your hard-earned assets, determine who...

Gone are the times of matrimonial longevity. Instances of relationship breakdowns are far from uncommon, with the Australian Bureau of Statistics indicating that as many as one in three marriages end in divorce. The division of assets is among the key issues needing to be addressed whenever a relationship breaks down, with superannuation one of...

Everyone goes through the odd rough patch in their relationships with one another and self-managed superannuation fund (SMSF) trustees are no different. But the ramifications of a dispute between SMSF trustees are likely to be more severe than the average quarrel between friends because SMSF trustees have vested interests, established duties and legal responsibilities towards...

The significant cost of buying into property may lead many younger investors and aspiring home-owners to pool their resources to buy real estate jointly – and taking this path can be a good first step towards final individual home ownership. But deciding to buy a home with a friend, a family member or business partner...

You can judge whether a car is luxury or not, according to the government, if it costs more than $59,133. It’s not an over-the-top outrageous price tag if you’re considering true luxury, but it’s enough to cop an extra tax. A “luxury car” is a motor vehicle designed to carry a load of less than...

Change in GST laws to reduce compliance costs for small businesses A potential change in laws regarding the goods and services (GST) instalment system will enable small businesses in a net refund position to use the system if they wish. The change, initially conceived in the 2011-12 Budget, is expected to reduce the compliance costs...