Access our Wallace Partners Client Information Newsletter April 2020 below:

Access our Wallace Partners Client Information Newsletter March 2020 below:

Trustees of SMSFs can expect a new label in their annual return forms, which the ATO says should be available from the end of May. After the Treasury Laws Amendment (2918 Superannuation Measures No 1) Bill 2019 became law in October 2019, the ATO reminded trustees that additional reporting requirements would be coming there way...

Regulatory Roundup February 2020 Taken goods for private use? Here’s the latest values for tax purposes The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes, wine shops and more....

The ATO says it can help if you have lost tax records due to a natural disaster such as a bushfire. It says it can achieve this by providing on-site visits to help you reconstruct lost or destroyed tax records and/or assistance to work out reasonable estimates if records cannot be reconstructed. The ATO may...

The ATO has announced that from February it is intending to contact a selection of business taxpayers that provide car parking benefits to their employees, and that use the market value method to arrive at a taxable value, to ensure these values have been calculated correctly. There are five ways that an employer can calculate...

Tax offsets (sometimes referred to as rebates) directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax payable to zero, but on their own they can’t get you a refund. There are two superannuation-related tax offsets for which you may be eligible. The Australian super income stream...

The First Home Super Saver (FHSS) scheme was introduced a couple of years ago with an aim to reduce pressure on housing affordability. The scheme allows eligible taxpayers to save money for their first home inside the superannuation system. The government says this concessionally taxed environment will help first home buyers save faster. How it...

Distributions from trusts and the taxation of those distributions is complex. This is an attempt to simplify the topic. The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets....

For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include realising assets and making other changes to ownership, but...