News

EOFY tax planning tips

EOFY tips for your tax plan

May 5, 2021

The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not more…

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Dealing with excess before-tax super contributions

May 5, 2021

Making extra before-tax contributions into super (called concessional contributions) can help boost a person’s retirement savings. But fund members need to be aware of the implications for when they exceed the concessional contributions cap. Since 2013-14, when the excess concessional contributions refunding scheme came into effect, individuals exceeding their concessional contribution cap will accrue a…

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Have interest rates hit rock bottom

Have rates hit rock bottom? Here’s why you should consider fixing your loan.

May 5, 2021

Some lenders have started to lift fixed home loan rates in recent weeks, signalling that interest rates in the 1% range may be short lived. Australians can now take advantage of some of the lowest lending rates in history. Fixed rates from as low as 1.79% and variable rates from 2.09% are a welcome relief…

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Colourful corridor

The SME Recovery Loan Scheme is now open

May 5, 2021

Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to businesses that are flood-affected. Treasury says the scheme aims to enhance lenders’…

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Thatched wall property

Evidencing SMSF property valuations

May 5, 2021

The ATO recently clarified the evidence that is required to support real property valuations within SMSFs, particularly in light of the unique challenges brought about by COVID-19. Under SMSF regulations, assets must be valued at market value in an SMSF’s accounts and financial statements each year. SMSF auditors need to be in possession of sufficient…

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Independent audit review for small businesses

Independent audit review for small businesses

May 5, 2021

From 1 April 2021, the ATO’s independent review service has been made permanently available for eligible small businesses with a turnover less than $10 million. The service provides an additional option to achieve early and fair resolution of an audit dispute. The service was locked in after a successful pilot period and consultation with the…

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Some money is not counted as ‘income’ by the ATO

April 2, 2021

It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return. The ATO classifies the amounts that it doesn’t count as…

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New insolvency reforms to support small business

April 2, 2021

The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19. The insolvency system is facing a number of challenges: An increase in the number of businesses in financial distress because of COVID-19. A “one-size-fits-all” system, which imposes the same duties and…

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keys in door deadlock

When it comes to real estate and CGT, look at timing

April 2, 2021

When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs: You enter into the contract (the date on the contract), not when you settle. The fact that a contract is subject to a condition, such…

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Managing your superannuation transfer balance account

April 2, 2021

Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter. With all the rules and regulations swirling around the superannuation sector these days, it’s not unusual for those nearing retirement to…

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