Did you know that there are approximately 10 million unintended multiple super accounts, which represents around 35% of all member accounts held by funds? While in some cases this outcome may be intended, more often than not the creation of multiple accounts is unintended and mainly occurs when employees change jobs and do not nominate...

In the May 2019 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information, building on the first stage of STP which was made compulsory for most employers from 1 July 2019. For background, the STP regime is a government initiative which is designed to reduce an employer’s...

Accesso our Wallace Partners Client Information Newsletter February 2022 below: Wallace Partners CIN February 2022

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

Commencing a pension from an SMSF can be easy process provided it is done the right way and you follow the rules that apply. Once a pension has commenced from a SMSF, ongoing administration, such as obtaining an actuarial certificate, may be required to determine how much of the pension’s investment income will be exempt...

The Inspector-General of Taxation and Taxation Ombudsman (IGTO) recently released a report into the effectiveness of the ATO’s communications of taxpayer rights to complain, review and appeal. The report – titled Investigation into the effectiveness of ATO communications of taxpayers’ rights to complain, review and appeal – emphasised that these rights (which are set out...

There comes a time in many people’s lives when they are appointed the executor of a deceased estate. Even in the simplest of estates, though, the responsibilities involved can be quite onerous – and getting things wrong can make even the executor personally liable. It’s therefore normally recommended to get professional assistance with this task....

SMSF trustees that are financially impacted due to COVID-19 because of extended lockdowns in certain States and Territories will be granted extended relief to cover the 2021-22 financial year. The relief was originally offered by the ATO to SMSFs for the 2019-20 and 2020-21 financial years where certain situations may have caused SMSF trustees to...

Applying the “Retirement Exemption” in the CGT Small Business Concessions can be quite difficult – particularly where a company or trust makes the capital gain and the exemption is sought to be applied for the benefit of individual shareholders in the company or beneficiaries in the trust. In this case, the rules in s 152-325...

Is there CGT when a property inherited from a foreign resident is sold? Am I liable for CGT on a home I inherited from a foreign resident when I sell it one year later? The following scenario demonstrates how the CGT rules work in this situation. I have just inherited my uncle’s home. He purchased...