In relation to business and individual clients: Many of our business clients like to review their tax position before the end of the income year and evaluate any strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for small businesses is based around accelerating deductions and deferring income. However, this […]
The Government has announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June 2022. As part of the response to the coronavirus pandemic (and the negative effect on the account balance of superannuation pensions), the Government reduced the superannuation minimum drawdown rates by 50% for the […]
With the end of the 2020/21 financial year fast approaching, it is again time to consider the rules concerning contributions made to your self managed funds or other superannuation funds for this year. Following are some guidelines regarding current rules and ATO requirements.[…] CONTINUE READING
The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure. While most businesses and employees have done the right thing, the ATO has identified concerning and fraudulent behaviour as well as claims by a small number of organisations and employees, and will actively pursue these claims. […] CONTINUE READING
