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Retrospective SMSF tax returns prohibited

Jun 3, 2025 at 6:35 am AWST by Ed.

From www.smsfadviser.com: An SMSF cannot lodge an amended tax return years after discovering a discrepancy.

Attempting to amend an earlier tax return could alert the ATO, leading to potential audits for the involved financial professionals.… read more

Categories Superannuation

iPhone will

Jun 3, 2025 at 6:34 am AWST by Ed.

From www.smsfadviser.com: A recent court case highlighted the essential requirements for a valid will, emphasising that informal documents can sometimes be recognized as testamentary if the deceased’s intent is proven.… read more

Categories SME & Family Business

Update to PCG hybrid electric vehicle home charging rate

Jun 3, 2025 at 6:26 amJun 2, 2025 at 12:00 pm AWST by Ed.
Have your say on the plug-in hybrid electric vehicle home charging rate guideline.
See link     Date published: Jun 02, 2025… read more
Categories Tax Office

PAYG instalments for business and investment income

Jun 3, 2025 at 6:26 amJun 2, 2025 at 12:00 pm AWST by Ed.
If you earn business or investment income, use PAYG instalments to make regular prepayments of tax.
See link     Date published: Jun 02, 2025… read more
Categories Tax Office

More time to update your NFP’s governing documents

Jun 3, 2025 at 6:26 amJun 2, 2025 at 12:00 pm AWST by Ed.
Self-assessing income tax exempt NFPs must have their governing documents in order by 30 June 2026.
See link     Date published: Jun 02, 2025… read more
Categories Tax Office

Div 296 to impose ‘widow’s tax’

Jun 3, 2025 at 6:29 amMay 30, 2025 at 5:37 pm AWST by Ed.

From www.accountantsdaily.com.au: CA ANZ CEO Ainslie van Onselen warns that the proposed Division 296 tax, targeting superannuation balances exceeding $3 million, will unfairly impact surviving spouses, particularly women, who are already disadvantaged in terms of retirement savings.… read more

Categories Superannuation

Employing staff? Our video explains your super obligations

Jun 3, 2025 at 6:26 amMay 30, 2025 at 12:00 pm AWST by Ed.
Watch our video so you can avoid extra paperwork, charges, or penalties.
See link     Date published: May 30, 2025… read more
Categories Tax Office

Super funds paying personal financial advice fees

Jun 3, 2025 at 6:26 amMay 30, 2025 at 12:00 pm AWST by Ed.
If you’re a super fund or SMSF, view our new PCG that includes a methodology and outlines our compliance approach.
See link     Date published: May 30, 2025… read more
Categories Tax Office

Record keeping for not-for-profits

Jun 3, 2025 at 6:26 amMay 30, 2025 at 12:00 pm AWST by Ed.
Find out what types of records you need to keep as a not-for-profit and for how long.
See link     Date published: May 30, 2025… read more
Categories Tax Office

Are you thinking about starting an NFP?

May 30, 2025 at 10:29 amMay 29, 2025 at 12:00 pm AWST by Ed.
If you’re starting an NFP, there’s some things you’ll need to know to get up and running and access tax concessions.
See link     Date published: May 29, 2025… read more
Categories Not For Profits   Tax Office

Draft Practical Compliance Guideline PCG 2025/D2

May 30, 2025 at 10:27 amMay 29, 2025 at 12:00 pm AWST by Ed.
Provide comments on PCG 2025/D2 for determining the amount of your cross-border related party financing arrangement.
See link     Date published: May 29, 2025… read more
Categories Tax Office

Compliance traps with family trust

May 29, 2025 at 7:34 am AWST by Ed.

From www.accountantsdaily.com.au: Accountants are warned about compliance issues with family trusts that could result in unexpected tax liabilities as the ATO intensifies scrutiny in this area.… read more

Categories SME & Family Business

Don’t start partying at 65 until TRIS has been sorted

May 29, 2025 at 7:30 am AWST by Ed.

From www.smsfadviser.com: SMSF members with a transition to retirement income stream (TRIS) should be aware of their turning 65 date to effectively plan for their transfer balance account (TBA) and transfer balance cap.… read more

Categories Superannuation   Tax - Individuals

Costs forcing accountants to disengage with clients

May 29, 2025 at 7:04 am AWST by Ed.

From financialnewswire.com.au: Accountants are facing increasing costs and regulatory pressures, prompting some to disengage from lower-value clients, according to Chartered Accountants ANZ’s submission to the Taxation Ombudsman.… read more

Categories Professional Practice

The AI-Powered Workforce: Preparing Your Business and People

May 29, 2025 at 7:56 amMay 28, 2025 at 7:54 pm AWST by Ed.

From alvarezandmarsal.com: AI is revolutionising workplaces by necessitating new people strategies and fostering human-AI collaboration.

Successful integration requires ethical governance, workflow redesign, and organizational upskilling.… read more

Categories Tech
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