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New reporting arrangements for SMSFs from 1 July 2023

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

Financing motor vehicles

Financing motor vehicles One of the most common decisions facing business is how to finance and account for the acquisition of a motor vehicle. There are numerous ways of doing so, with each resulting in differing accounting, taxation and GST treatment. OPTIONS How should you go about purchasing a vehicle? While it may seem a

How to claim an early tax deduction on SG contributions

How to claim an early tax deduction on SG contributions Are you an employer who needs to make superannuation guarantee (SG) contributions for your employees? If so, it may be worthwhile bringing forward these SG contributions to before 1 July to benefit from a tax deduction this financial year. However the timing of when SG

Temporary Full Expensing: get in quick!

Temporary Full Expensing: get in quick! This could be the final opportunity for your business to take advantage of Temporary Full Expensing (TFE)…but get in before 1 July! To recap, TFE encourages and supports businesses by allowing an immediate deduction for the business portion of the cost of a depreciating asset. There is no cost

Proposed tax on $3m super balances

Cashflow

Proposed tax on $3m super balances Individuals with large superannuation balances may soon be subject to an extra 15% tax on earnings if their balance exceeds $3m at the end of a financial year. What has been proposed? Recently, the government announced it will introduce an additional tax of 15% on earnings for individuals whose

Trust distribution landscape now more settled

Superannuation Guarantee

Trust distribution landscape now more settled If you carry on your business affairs through a trust structure, there is now more clarity around the law on distributions following much uncertainty throughout the year. N either the taxpayer, Mr. Springer, nor the Commissioner has appealed against the Full Federal Court decision handed down in January 2023

Reducing the risk of crypto scams

Scam protection

Reducing the risk of crypto scams ASIC has released fresh and timely information around crypto scams. Scammers use cryptocurrencies, like bitcoin or ether, because they are not easily recovered. Crypto can be sent overseas quickly with limited oversight. If you lose your money to a crypto scam,your money is likely gone. If you buy crypto,