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News Updates

Articles 31 to 40 of 199
Deceased Estates and CGT Disposal of Dwelling

Deceased Estates and CGT Disposal of Dwelling

The ATO has recently updated its practical compliance guideline on how the CGT main residence exemption may apply in cases where a dwelling is disposed either in the capacity of an individual beneficiary or a trustee of a deceased estate.

 

Category: News
FBT Record-Keeping Simplification of Requirements

FBT Record-Keeping Simplification of Requirements

The government has released a raft of draft legislation with the intention of reducing FBT record-keeping compliance costs for employers. The measure was originally announced by the previous government in the 2020 Budget but never implemented. In brief, it proposed to give the ATO the power to allow employers to rely on existing corporate records, rather than employee declarations and other prescribed records to finalise their FBT returns.
Category: News
Market Valuation For Tax Purposes

Market Valuation For Tax Purposes

The ATO has released an updated version of its online Guide - Market valuation for tax purposes. The purpose of the Guide is to assist taxpayers in understanding the ATO’s general expectations on market valuation for tax purposes. It includes information on what market value means for tax purposes and the evidence and processes the ATO generally expect to see to support a valuation.
Category: News
Thinking of ditching your SMSF?

Thinking of ditching your SMSF?

If the recent market conditions or just the amount of administration involved is making you rethink having an SMSF as your retirement vehicle, there are several things you will need to be aware of. Winding up an SMSF is not a simple process and requires the trustee to understand the terms set out in the trust deed, dispose of the fund’s assets, and finalise compliance obligations, among other things. In some complex cases it may be prudent to seek professional advice.
Category: News
Beware of Payment Redirection Scams ASIC

Beware of Payment Redirection Scams ASIC

The Australian Securities and Investment Commission (ASIC) has warned small businesses to be alert for payment redirection scams. These scams typically involve scammers impersonating legitimate businesses or their employees and operate via email by requesting an upcoming payment be redirected to another bank account which is fraudulent.
Category: News
Record Keeping

Record Keeping

You are legally required to keep records of all transactions relating to your tax and superannuation affairs as you start, run, sell, change or close your business, specifically:

  • any documents related to your business's income and expenses;
  • any documents containing details of any election, choice, estimate, determination or calculation you make for your business's tax and super affairs.
Category: News
Articles 31 to 40 of 199