2023 Federal Budget
For the first time in 15 years, a surplus will be delivered by the Federal Government – thanks to a windfall in tax revenue from the mining and commodity sector. We go through all the relevant tax changes here.
STP v2 & Increased ATO Audits
If you employ staff, you need to ensure that you are complying with “version 2” of Single Touch Payroll (STP v2). This will involve updating the settings in your payroll software. With the ATO now getting huge amounts of payroll data – we expect there will be a large increase in audit activity around superannuation payments – so the payment of your employees superannuation by the due date should be your highest priority to avoid penalties.
ATO Crackdown on Contractors and Superannuation
If you engage contractors, DO NOT IGNORE THIS POST. The ATO are keen to ensure all contractors that should be getting paid superannuation, are getting superannuation, and you may be up for claims going back to 1992.
If you engage contractors, you should at the very least do a review of your current contractors and see if you are liable for super on those.
Buying Property In Your SMSF, Using Borrowed Money
Self Managed Superannuation Funds (SMSF’s) are highly regulated with a key rule being that your SMSF cannot borrow money except for limited, specific circumstances. Thankfully, one of those is borrowing to buy an asset – as long as you meet very strict rules.
One of the more common questions we get regarding what a SMSF can do, is whether it can buy and investment property, and if it can borrow to do so.
We have the answers for you here.
How to get your ATO Statement of Account
Have you ever been asked by a bank or mortgage broker for a copy of your ATO statement of account, ATO portal reports, or ATO tax accounts? We show you how to get these.
Federal Budget 2022
We have compiled a short, easy to read summary of the important things in the 2022 Federal Budget. A tax cut, petrol price relief, payments to pensioners and aged care workers, payments for apprentices, and small business tax reductions are the headline acts.