New workplace award rules coming into force on March 1

All employers with employees on fixed annual salaries are now on notice about new award rules coming into force on March 1st.

New alert system to protect SMSFs from fraud

A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members.

Superannuation, TaxationJPR BUSINESS GROUP29 January 2020SMSF, superannuation, self managed super funds, Taxation, Tax

The Super Guarantee timing trap for employers

How employers are being caught out by the timing of superannuation guarantee payments.

Super guarantee opt-out for employees with multiple employers

Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer.

Financial Accounting, SuperannuationJPR BUSINESS GROUP2 December 2019super guarantee, superannuation

Vacant land deduction changes hit ‘Mum & Dad’ property developments

Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.

Investment, Superannuation, TaxationJPR BUSINESS GROUP1 November 2019tax, Taxation, property, property law

CGT and the family home: expats and foreigners targeted again

The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents.

Taxation, SuperannuationJPR BUSINESS GROUP1 November 2019Tax, Taxation, Capital Gains Tax

Super Guarantee Amnesty Resurrected

The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action.

The ATO 'removes the gloves' on overseas income

How you are taxed and what you are taxed on depends on your residency status for tax purposes. As tax residency can be different to your general residency status it’s important to seek clarification. The residency tests don’t necessarily work on ‘common sense.’

Does your SMSF suffer from a lack of diversification?

The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a significant investment fails.”

Tax time: Are you right in the ATO's sights?

A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your SMSF.