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ATO Update (August 2024)

Date: August 7, 2024
Categories: Monthly Update
Changes to NALI for SMSFsThere have been changes to the NALI legislation which may impact your SMSF.Self-Managed Super Funds (SMSFs) must transact on an arm's length basis.Changes to the Non-Arm's Length Income (NALI) provisions in the Treasury Laws Amendment (Support for Small Business and C ...
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Insurance Inside Super has Tax Advantages

Date: August 5, 2024
Categories: Superannuation
Holding insurance policies within Superannuation offers significant tax advantages, particularly for life and disability premiums, as highlighted by a leading technical specialist. Despite being uncommon, income protection insurance can be found in SMSFs, though complexities arise with benefit payme ...
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comprehensive financial planning
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The Role of Financial Institutions in Promoting Microfinance

Date: August 5, 2024
Categories: Financial Planning
The distribution of financial services to low-income individuals and groups is known as microfinance, and financial institutions are essential to this effort. Microfinance enables underprivileged groups to overcome poverty and attain economic stability by giving them access to loans, savings, and in ...
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bookkeeping
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Strategies for Avoiding Common Accounting Errors

Date: July 30, 2024
Categories: Bookkeeping
Accounting discrepancies are a prevalent challenge that can cause disruptions in any organization, regardless of its size. These errors can vary from simple data entry mistakes to more intricate issues such as the exclusion of essential information that may result in misleading financial decisions o ...
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carisma solutions
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ATO Update (July 2024)

Date: July 4, 2024
Categories: Monthly Update
SMSF Independent Auditor's Report UpdatedThe ATO Self-Managed Superannuation Fund (SMSF) Independent Auditor's Report has now been updated.ATO has made an important change to the SMSF Independent Auditor's Report.The reference to Auditing Standard ASQC has been removed from Part B of the repo ...
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Carisma solutions
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Tax Benefits and Employment After Retirement

Date: July 4, 2024
Categories: Superannuation
Starting a new job after legally retiring will not cause a person to lose the tax benefits from an existing income stream.An individual who meets the legal definition of retirement and satisfies a condition of release can continue to receive full benefits from an existing pension even if they resume ...
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Single Touch Payroll (STP) Finalisation

Date: July 3, 2024
Categories: Bookkeeping
STP Finalisation:Are you in need of assistance in completing your STP data?This task must be finalized by July 12, 2024. To assist you in completing this, please follow the following three steps:Step 1: Conduct a thorough review.Please ensure that the Legal/Trading name, ABN, and posta ...
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Carisma Solutions
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3 Key Focus Areas for this Tax Time for 2024

Date: July 3, 2024
Categories: Business Service
As tax time approaches, the Australian Taxation Office (ATO) has highlighted three common errors made by taxpayers that it will pay close attention to.Work-related expensesDeductions on rental propertiesFailing to include all income when lodgingMore than 8 million people claimed a work-related deduc ...
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Carisma Solutions
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The Effect of Foreign Direct Investment on the Financial Sector Development

Date: July 2, 2024
Categories: Financial Planning
The Effect of Foreign Direct Investment on the Financial Sector Development in Developing CountriesForeign Direct Investments (FDI) can play a vital role in boosting the financial sector development of developing countries. Here’s a breakdown of the effects:Benefits: Increased Ca ...
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carisma solutions
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ATO Update (June 2024)

Date: June 10, 2024
Categories: Monthly Update
Is your SMSF a Trust Beneficiary?If your SMSF is a trust beneficiary from 1 July 2024 there will be changes to your reporting.Income tax reporting changes delivered under the Modernisation of Trust Administration System (MTAS) project will come into effect on 1 July 2024 for your 2023–24 Se ...
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