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 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...

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...

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...

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...

Access our Wallace Partners Client Information Newsletter April 2021 below:

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...

ASIC has announced that the Federal Government has introduced new laws to help combat illegal phoenix activity. From 18 February 2021, a company director will not be able to backdate their resignation more than 28 days or resign if it means the company would be left without a director. Backdating resignations was a common tactic...

The latest annual statistical report from APRA has been released, covering the 2020 income year but only made public at the end of January 2021. Total superannuation industry assets were $2.9 trillion as at 30 June 2020. Of this total, $1.9 trillion was held by APRA-regulated superannuation entities and $0.7 trillion was held by self-managed...

The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more. It regularly issues guidance for business owners on the value it expects will be allocated to goods taken...