Blog
What are the types of super funds you can contribute to?
With the total superannuation sector worth more than $3.5 trillion at the end of March 2023, superannuation is serious business. There are many types of superannuation funds available but sometimes having too many to choose from can be confusing. However, picking the right fund is important as it could impact how much you may have...
Do you have a side-hustle?
With the cost-of-living skyrocketing, have you taken up a side-hustle? With new and emerging ways to make money, the ATO is reminding taxpayers to consider if they are ‘in business’ and to declare to their tax agent if they are engaged in a sidehustle. Record numbers of taxpayers are now working multiple jobs or supplementing...
Generous depreciation in its final days
This month’s federal budget confirmed that temporary full expensing (TFE) is now in its final days. To recap, TFE will cease and be replaced by a $20,000 instant asset write-off (IAWO) from 1 July 2023. Under this change, small businesses (aggregated annual turnover of less than $10 million) will be able to immediately deduct the...
Super pensions and the Commonwealth Seniors Health Card
Are you a self-funded retiree who does not qualify for the Age Pension? If you’ve answered yes, then help may be available for certain living expenses by way of the Commonwealth Seniors Health Card (CSHC). What is the CSHC? The CSHC is a concession card enabling access to cheaper health care and some discounts if...
ATO Tax Time focus areas
With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, be sure to keep the appropriate...
Wallace Partners Client Information Newsletter June 2023
Access our Wallace Partners Client Information Newsletter June 2023 below: Wallace Partners CIN June 2023
Trust Resolution Important Information
Prepare the Resolution to Distribute Income The Details: Trustees for discretionary trusts must resolve to distribute the income of the trust to eligible beneficiaries no later than the 30 June. The resolution formally documents in writing the decision of the trustee, determining which beneficiaries will receive the income of the trust and therefore pay tax...
Top cyber security tips for business
It is important you keep all your business, staff and client information secure. If your data is lost or compromised, it can be very difficult, time consuming, and costly to recover. The federal government have created a list of top security tips to help keep your and your clients’ information safe. Use strong and secure passwords...
Employee or contractor? – the Federal Court weighs in
A recent Federal Court case has highlighted important superannuation guarantee (SG) implications for businesses that engage certain types of contractors. Background facts The case of Jamsek v ZG Operations Australia Pty Ltd (No 3) [2023] FCAFC 48 (24 March 2023) concerned two truck drivers who previously drove delivery trucks for a company, ZG Lighting, and...
New reporting arrangements for SMSFs from 1 July 2023
From 1 July 2023, trustees and directors of SMSFs must report certain events that affect their members transfer balance account quarterly. These events must be reported by lodging a ‘transfer balance account report’ (TBAR) no later than 28 days after the end of the quarter in which they occur. The purpose of this change is...