The ATO has provided updates regarding the tax implications when a landlord gives, or a tenant receives, rent concessions (such as waivers or deferrals of rent) as a result of COVID-19. To offer more support due to the ongoing effects of COVID-19, an extension of the repayment period is now available for those who were […]
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
