Single member SMSFs From 1 July 2021, the law was changed to allow for six-member SMSFs (up from five members). At the time of writing, the uptake has been slow so far with just 228 funds with six members. At the other end of the spectrum, it is permissible to have single member funds. The

On-boarding employees for the holiday rush Hiring additional employees to help with surging end-of-year demand? A New employment form, accessed through ATO online services, will help reduce your compliance time. It’s an easy way for your employees to provide you and the ATO with the information that the ATO need. If your new employee has

Xmas gifts from employers Christmas is traditionally a time of giving, including employers showing gratitude to their workers for a job well done throughout the year. However, depending on the nature and value of the gift, and also who it is gifted to, such magnanimity can attract unwanted tax consequences. So how as an employer

SMSF compliance: what’s on the ATO’s radar? In a recent speech, ATO assistant Commissioner Justin Micale outlined the ATO’s latest compliance issues for those who operate an SMSF. ID fraud and investment scams While ID fraud and investment scams are still quite rare in the SMSF sector, they are becoming more prevalent. In the 2022

SMSF member obligations A recent Administrative Appeals Tribunal decision reminds us all that SMSF trustees (members) can be disqualified where serious breaches, be they advertent or inadvertent, of the super rules are committed. One of the ways the ATO deal with non-compliance is by disqualifying an individual as a trustee (or director of a corporate

Do I have to pay myself super as a business owner? Do you have your own business or are you thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure. Types of business structures available If you were working for a company, your employer would be required

Rental expenses in excess of income not deductible With many parts of Australia in the grip of a rental crisis, a significant number of tenants may be residing in the properties of friends and relatives. A recent case that came before the Administrative Appeals Tribunal (AAT), Rizkallah and FCT [2022] AATA 3081, is a timely

Director ID… last ditch awareness campaign! What you need to know With hundreds of thousands of directors yet to apply for their director identification number (director ID)  head of the looming November deadline, a last-ditch public information campaign has been launched. The Albanese Government has just launched a new awareness campaign to help company directors

Federal Budget 2022-23 The 2022-23 federal Budget was handed down on 25 October. The confirmation of lucrative income tax cuts, and the scrapping of a tax offset for low- and middle-income earners were the big-ticket items. That said, Labor’s first federal Budget in nine years was as noteworthy for the changes it didn’t make as