Author: Sarah Wallace
Wallace Partners Client Information Newsletter May 2021
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Bonus Article, Financial complaints ombudsman breaks down its COVID-19 flash points
The Australian Financial Complaints Authority (AFCA) has compiled its COVID-19 complaint data from 3 March 2020 to 28 February 2021, which has revealed some trends. Among COVID-associated complaints, travel insurance was the most complained about product type, with 3,516 complaints across a year of the pandemic, though the rate fell sharply as travel reduced. ...
Bonus Article, Voluntarily repaying JobKeeper and the ATO’s approach to tax treatment
The ATO has stated thateligible businesses that received JobKeeper payments do not need to repay those amounts. However, some businesses may choose to voluntarily repay an amount. This amount can be equivalent to some or all the JobKeeper payments received. The ATO says that voluntary repayments do not reduce the amount of JobKeeper a business...
Managing your superannuation transfer balance account
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...
When it comes to real estate and CGT, timing is important
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...
Refinancing loan interest may be deductible to a partnership
A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur. Tax law...
New insolvency reforms to support small business
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...
Some money is not counted as ‘income’ by the ATO
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. Although 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...
Wallace Partners Client Information Newsletter April 2021
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Bonus Article, Further Hayne Royal Commission recommendations
The Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020 implementing a further four recommendations of the Financial Services Royal Commission to improve consumer protections (as outlined below) was introduced into the House of Representatives late last year and only recently passed through the lower house. The four new factors, each aiming to...