Australian residents are subject to income tax from their domestic and foreign income. There may be exceptions for temporary residents and temporary residents who earn foreign income. Non-residents are liable for Australian income tax on their assessable income derived from Australian sources. Understanding Income Tax When an individual earns money, they have to pay income…
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Find out why you need a TFN, where to find it and how to keep your TFN and personal details safe. About your TFN A tax file number (TFN) is your personal reference number in the tax and superannuation systems. It is free to apply for a TFN. Your TFN is: Where to find your TFN If you…
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Tax, super and registration obligations you need to consider before you start a business. Are you in business? Before you register for an Australian business number (ABN), it is important you determine if you are in business and when your business starts. Knowing if you’re in business helps you know what records you need to keep, and…
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Find out about deductions and tax implications if you own a holiday home. Holiday Home – Not Rented Out If you own a holiday home and don’t rent out the property, you don’t include anything in your tax return until you sell it. When you sell the property, you will need to calculate your capital gain…
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What to do if you need to fix a mistake in a previously lodged BAS or make an adjustment for a change. What are mistakes or adjustments Correcting a mistake made in an earlier business activity statement (BAS) is different to making an adjustment: When to fix a mistake Examples of mistakes you may have…
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These steps help businesses use online services to nominate an agent. About client-to-agent linking steps Businesses can use the ATO’s online services to nominate an agent. These steps are for clients who need to nominate an agent. You only need to do this when you: Contact the ATO or your registered agent if you need guidance. Your…
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The sole purpose of a self-managed super fund (SMSF) is to save up for your retirement savings. There are people promoting early access schemes which are illegal and could cost you more than your retirement savings. Be on the lookout for dodgy advice, don’t take up any offers without first checking if they are legal and learn…
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Find out about claiming an exemption from paying the Medicare levy if you were not entitled to Medicare benefits. 2023 Medicare Entitlement Statement (MES) processing delay If you applied to Services Australia for a 2023 MES and you’re waiting for it to be processed, you should still lodge your tax return by the due date.…
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Loans to members continues to be the highest reported contravention of the superannuation laws that we see in auditor contravention reports (ACR) lodged by self-managed super fund (SMSF) auditors. These loans comprised 16% of all reported breaches for the 2019 to 2022 audit years. It’s important to remember SMSF trustees cannot loan money or provide other…
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If you find yourself in a position where you want or need to wind up your SMSF there are a number of key considerations and tasks involved. Before lodging your final SMSF return you need to dispose of assets and pay out (where a condition of release has been met) or rollover all member benefits (leaving an appropriate amount…
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