HomeBuilder: What is it and how do you access it?

The Government has announced grants of $25,000 to encourage people to build a new home or substantially renovate their existing home. The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home. The [...]

HomeBuilder: What is it and how do you access it?2020-06-05T14:51:20+10:00

Superannuation Guarantee Amnesty Window Open – Act Fast!!

On 6 March 2020, the government passed the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 as law. This bill provided a one-off amnesty to encourage employers to correct their Superannuation Guarantee obligations dating from 1 July 1992 to 31 March 2018. The amnesty period will now run from 24 May 2018 to 7 [...]

Superannuation Guarantee Amnesty Window Open – Act Fast!!2020-04-28T14:12:15+10:00

Superannuation Guarantee – Tips &Traps

With the end of financial year fast approaching, it is important to have an overview of key aspects of the super guarantee contribution rules and also stay up to date with the ever changing rules. Super guarantee contributions The amount paid is set at a percentage of each employee’s Ordinary Time Earnings (OTE). The Australian [...]

Superannuation Guarantee – Tips &Traps2019-05-20T09:10:31+10:00

Happy New Financial Year!

As we put down the credit cards after the plethora of end of financial year sales events, we kick off what we all hope will be a prosperous new financial year. Despite the many uncertainties in global markets and governments, we wanted to take the opportunity to remind you of some important points as we [...]

Happy New Financial Year!2017-12-01T09:46:51+10:00

Budget Summary

Budget Summary The budget was handed down last night, and there were several major announcements.  Issues dealt with include: SUPERANNUATION • Imposing a lifetime limit of $500,000 on non-concessional superannuation contributions • Reducing the superannuation concessional contribution cap to $25,000 • Capping tax-free super to balance of $1.6 million • Removing tax-free earnings on TRIS accounts • Expanding the number [...]

Budget Summary2017-12-01T09:46:51+10:00

Attention All Employers Mandatory SuperStream Superannuation Compliance Deadline

The Australian Taxation Office (ATO) reports that more than 60% of small businesses are already on board with SuperStream, but also warns that if your business is one of tardy, you have a mere 100 days remaining to get it done. With the June 30 deadline rapidly approaching, the ATO is encouraging small businesses to [...]

Attention All Employers Mandatory SuperStream Superannuation Compliance Deadline2017-12-01T09:46:51+10:00

SMSF possible borrowing changes

The Financial Service Inquiry has recently urged the government to consider changes to Australian’s superannuation system.  The panel believes that direct borrowing in superannuation funds will increase risk in the financial system and has recommended that borrowing in SMSF to be prohibited. These broad changes, if implemented by the Government, will affect superannuation funds to [...]

SMSF possible borrowing changes2017-12-01T09:47:06+10:00


A Must Read for SMSF Trustees It is now confirmed that the new Penalty Regime for SMSFs will apply to contraventions that occur or are unrectified from 1 July 2014. The new Penalty Regime will provide the ATO with greater flexibility when dealing with a Fund’s non-compliance with the law, including the power to: Issue [...]

SMSF – NEW PENALTY REGIME2017-12-01T09:47:06+10:00

ATO Compliance Notices – Directors Penalty Notice (DPN)

In July 2012, changes were made to the Directors Penalty Notice regime, which have increased the liability of Companies and personal exposure of their directors. These changes were introduced to ensure that Companies are compliant with the reporting and remittance of their PAYG and Superannuation obligations. The ATO signalled that it is no longer prepared [...]

ATO Compliance Notices – Directors Penalty Notice (DPN)2017-12-01T09:47:06+10:00

Director Penalty Notices

In our last newsletter we covered the changes to the Director Penalty Notice regime that were introduced on the 29th June 2012. These changes affect all directors of companies and associates (including spouses) of directors. Due to the seriousness of the changes and the widespread use by the ATO we have summarised the changes. THE [...]

Director Penalty Notices2017-12-01T09:47:06+10:00
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