When it comes time to sell your home, you may be wondering if you will need to pay capital gains tax (CGT). Generally, if you live in the home you are selling you will not have to pay CGT under the main residence exemption. The ATO considers a dwelling as your main residence if: –…
Whether you have been running your business for over 20 years or just starting out, you cannot deny the importance of regularly reviewing your business’ performance. Many business owners may put off reviews in fear of the actual results, but understanding why your business is performing the way it is is crucial for growth and…
When partners in an SMSF separate, there are specific legal and tax implications that should be considered. It is possible to split super benefits, i.e., transfer assets, such as property, from one super fund into another and roll money over to another fund; however, trustees need to keep the following in mind: Separating couples need…
In its effort to facilitate a fair business environment, the ATO has offered continued support for honest businesses. With an estimated $40 billion lost to the hidden economy, the need for strong diligence and continued governance over Australian businesses is essential. The Black Economy Taskforce that was established in May 2017 and various trends have…
The new transfer balance account report (TBAR) is available on the ATO’s website. Self-managed super funds can use the TBAR report to report events that affect an individual member’s transfer balance account. The option to report is available from 1 October 2017, however, SMSFs are not required to report anything until 1 July 2018. Events…
Self-managed super fund trustees must notify the Australian Tax Office (ATO) if there are changes to their SMSF. Trustees must provide written notice within 28 days if there are changes to: the name of the fund the address of the fund details of the contact person the membership of the fund the trustees of the…
Building a successful business is almost impossible without a group of motivated employees. Here are three ways to keep your employees loyal to your business: Hire right Hiring someone who doesn’t share the same vision or values as your business is detrimental. You need to hire people that fit well into your business’ culture and…
Travelling overseas for an extended period of time is an exciting adventure. What isn’t so exciting is the prospect of breaking compliance laws in relation to your SMSF while enjoying your trip. There are specific conditions that must be met to deem the self-managed super fund ATO compliant. They are as follows: Fund recognised as…
