Are you ready to take control and compare your superannuation fund’s performance against other funds? You might be in luck if you have a MySuper fund as the ATO’s YourSuper comparison tool can help you compare different MySuper products and choose a superannuation fund that meets your needs. What is a MySuper fund? A MySuper...

The ATO is warning taxpayers not to engage in ‘asset wash sales’ to artificially increase their losses in order to reduce capital gains or expected gains. It cautions that they are a form of tax avoidance. These arrangements typically involve the disposal of assets such as cryptocurrency and shares just before the end of the...

The ATO has reminded SMSF trustees that the COVID-19 relief and support offered to SMSFs ended on 30 June 2022. At the peak of the COVID-19 pandemic, SMSF trustees that were financially or otherwise impacted by the recurring and prolonged lockdown periods were granted relief by the ATO. The relief was offered to SMSFs for...

Income and tax deductions from rental properties is one of the four key areas that the ATO is focusing on this Tax Time. The ATO is urging rental property owners to ensure they carefully review their records before declaring income or claiming deductions this Tax Time, and for registered tax agents such as us to...

Access our Wallace Partners Client Information Newsletter August 2022 below: Wallace Partners CIN August 2022

Are you a small business owner or work in a profession where you are open to being sued? If so, have you thought about what might happen to your superannuation should your circumstances change and you become bankrupt? The risk of bankruptcy Self-employed people, company directors and ‘at risk’ professionals such as doctors, dentists, accountants,...

Cashflow is one of the biggest killers of small business. One of the major contributors to this is bad debtors – customers who have obtained goods or services from you but are late with their payment. Following are some tips to manage your debtors.  Follow-ups/reminders To remind customers of when to pay, you firstly need...

The key purpose of superannuation is to provide individuals with benefits for their retirement, which is when most people will access their superannuation savings. But, in some cases, individuals may be able to access some of their superannuation early upon meeting certain eligibility rules. Common conditions of release A condition of release must be met...

Employers need to make STP finalisation declarations by 14 July each year. As your registered agent, we can assist you in this important, upcoming process. If you have 20 or more employees, you should be reporting closely-held (related) payees each pay day along with arms-length employees. The finalisation due date for closely-held payees is 30...

In the past 12 months, the ATO has identified and taken action against 595 websites impersonating its online services. These fake sites are designed to steal passwords, personal information and identity documents, such as passports and driver licences. Currently, the ATO is seeing many SMS and email scams leading to fake myGov sign-in pages –more...