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Checking for charges over property assetsSelf-Managed Super Funds (SMSF) auditors should ensure there are no charges over fund assets as part of completing an annual fund audit.You should obtain evidence annually that trustees have not given a charge over or in relation to a fund asset by see ...
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Reasonable travel and overtime meal allowance amountsThe ATO has released its annual ruling setting out the amounts it treats as reasonable for 2023-24 in relation to employee claims for:> Overtime meal expenses: The reasonable amount is $35.65.> Domestic travel expenses: ...
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Financial Adviser Professional Standards and ExamTreasury has released draft legislation intended to refine the education and qualification framework for Financial Advisers. In particular, it will fulfil the Government's election commitment to better recognise the experience of long-serving a ...
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Super balances above $3m consultation paper releasedTreasury has released a consultation paper addressing the announcement to increase the tax rate for superannuation fund earnings from 15% to 30% for individuals with account balances above $3 million. The closing date for submissions is 17 ...
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FBT: Car Parking Benefits – a primary place of employmentThe ATO has released an Addendum to TR 2021/2, its FBT ruling on car parking benefits. The updated ruling now specifies that an employee’s primary place of employment on a given day will be either:The business premises of an employe ...
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Interposed companies used to avoid tax under review.The ATO has issued Taxpayer Alert, The Alert addresses certain arrangements involving CGT roll-overs and Div 7A. In these arrangements, a company is interposed between a private company with retained profits ("first company") and its shareho ...
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Financial Planning Tax (financial) advice services status to be displayed on Financial Advisers Register (FAR)ASIC has stated that its Financial Advisers Register (FAR) is soon to display whether a financial adviser can provide tax (financial) advice services. This will take effect f ...
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Business Services Revised ATO guidance on the PSI rulesThe ATO has finalized its guidance on personal services income (PSI) and personal services businesses (PSB). Taxation Ruling TR 2022/3 provides general guidance on the operation of the personal services income (PSI) rules. It combi ...
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Residency tests for individualsThe ATO has released a draft ruling on the residency tests for individuals; it consolidates two older rulings. It was indicated in the 2021 budget that it would "replace the individual tax residency rules with a new, modernised framework, and the new framework i ...
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Additional COVID-related grant programs declared NANEThese are the additional grant programs administered by states and territories are eligible as non-assessable non-exempt income.Business Cost Assistance Program Round Four - Construction (Victoria);Business Cost Assistance Program Round Two ...
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