Many incorporated business owners may twitch a little whenever the term Division 7A is uttered within earshot — and not just those who may have attempted to make “tax-light” distributions. The fact is, in these COVID-19 times, that concerns about Div 7A applying are understandable. Some borrowers are facing circumstances beyond their control, and even...

On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to pay for your employees...

While most people look forward to receiving a tax refund once their return is processed by the ATO, it is also not unheard of to receive a tax bill on occasion. Most people who earn income as employees have tax payments made on their behalf throughout the year through pay-as-you-go (PAYG) withholding to help them...

There will most likely come a time when your SMSF will need to be wound up, with a change in members, the fund’s finances, perhaps separation or other family reasons among the many reasons why winding up the fund becomes necessary. For example, the reasons to wind up an SMSF could include: there are no...

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have...

We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have: declared all income, including cash and online sales, dividends, interest, capital gains or one-off...

Access our Wallace Partners Client Information Newsletter July 2021 below: Wallace Partners CIN July 2021

Checklist for employment-related tax deductions This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. The individual should also have the relevant written evidence where required. Also, how much of the expense is allowable as a tax...

The ATO has a business industry code (BIC) tool to help small businesses speed up their tax return lodgement. The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid delays by ensuring their return is lodged in the correct category. It is derived from the Australian...

When you’re faced with a complex or high-risk question in tax or super, briefing a barrister can provide you with the expertise and perspective to help you move towards a solution with confidence.   Barristers (who are also referred to as “counsel”) are independent specialists in court work and legal advice. There are specialist barristers...