The ATO has just recently reported an increase in fake websites offering to provide tax file numbers (TFNs) and Australian Business Numbers (ABNs) for a fee, but then failing to provide the service – leaving taxpayers out of pocket. The fake TFN and ABN services are typically advertised on social media platforms like Facebook, Twitter,...

As we move towards the end of the 2021/22 financial year, there are a number of year-end income tax planning opportunities that may be available to optimise your tax position. Temporary full expensing Are you contemplating asset and equipment purchases? If so, consider getting in before 1 July to take advantage of temporary full expensing...

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

Thinking about using your SMSF to borrow to invest? SMSF borrowing has become a popular way of maximising retirement savings because it allows you to increase the amount available to invest within your SMSF. SMSFs are generally not allowed to borrow money. However there are some limited exceptions including borrowing to invest under a specific...

One of the key features of the recent federal budget handed down by the government was a proposal for extra deductions for employers for expenditure incurred in training their staff. Let’s take a closer look. Proposal Small businesses with an aggregated annual turnover of less than $50 million will be able to deduct an additional 20%...

Quite a number of employers now have in place a human resources (HR) manual. HR manuals document the workplace policies and procedures that will be applied to all employees inside and to a lesser extent outside the workplace. Manuals may broach the following non-exhaustive list of issues: Complaint processes Dress standards Leave (particularly around issues...

Are you aware of the personal property securities register? What is it? The personal property securities register (more commonly known as the PPSR) is an official government register. It’s effectively a public noticeboard of security interests in personal property (see below) that is managed by the Registrar of Personal Property Securities. Security interests Security interests...

A common question facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways that can be used, with each having unique taxation treatment. Outright purchase The advantage of purchasing a vehicle outright, as opposed to financing the acquisition of the vehicle, is that there will be...

Since the SMSF member limits recently increased from four to six, larger families may be considering having one large superannuation fund for all family members. Interestingly, recent ATO statistics tell us that the SMSF population comprises of 24% single-member funds and 69% two-member funds and the balance are three-member funds (3%) and four-member funds (4%)....

For the many business owners who operate their affairs through discretionary trusts, there have been further developments on the ATO’s planned crackdown on certain distributions. Backstory To recap, the ATO in February updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of...