• skilled migration
    Is It Time for Australia to Rethink Skilled Migration?
    Source: NestEgg When borders reopen, Australia has a chance to reshape its migrant policy, with an opportunity to target younger, more skilled workers, a think tank has revealed. Australia is not attracting the right migrants, instead it should focus on simplifying the process, taking in younger skilled workers, and paying them […]
  • Fringe Benefit Tax
    FBT Exemption, LMITO Tax Bill Introduced Into Parliament
    Source: Accountants Daily Treasury Laws Amendment (2021 Measures No. 4) Bill 2021 was introduced to the House of Representatives on Wednesday and contains two tax measures included in the Morrison government’s 2021–22 federal budget.  The first of them is the government’s FBT exemption, which will provide employers with a way […]
  • cryptocurrency
    ATO Sheds Light on Crypto Compliance Focus
    Source: Accoutants Daily Speaking at a tax-time tips seminar on Thursday, ATO assistant commissioner Adam O’Grady warned tax agents and taxpayers that his office will be closely watching all capital events related to cryptocurrency come tax time.  “It is really important for all capital assets; we will be looking to […]
  • Government Scraps Work Test for Voluntary Superannuation Contributions
    The government has announced it will allow individuals aged 67 to 74 years (inclusive) to make or receive non-concessional (including under the bring-forward rule) or salary sacrifice superannuation contributions without meeting the work test, subject to existing contribution caps. Individuals aged 67 to 74 years will still have to meet the […]
  • ATO tax tables
    ATO Offers Lodgement Deadline Support
    The Tax Office on Friday announced that tax practitioners still affected by the impacts of COVID-19 can now request for help through a dedicated phone line linked to the tax agent lodgement program fast key code. “I have been so proud of the way the tax profession has stepped up […]
  • Your SMSF: When Expenses and Investments Are Not at Arm’s-length
    We often get questions from clients about what they can and cannot do in their SMSF. Often the questions relate to related party transactions – that is, interactions between the SMSF, its assets, and its members (or relatives of members). We’ve set out some of the common questions and answers. […]
27 April 2021
superannuation

How to Rebuild Your Super Balance Post-Pandemic

Source: NestEgg Research released by Colonial First State showed that a majority of Australians who withdrew their super through the early release scheme are yet to rebuild their balances. Under the government’s temporary early access to super scheme, individuals and sole traders who had suffered financial hardship of at least […]
27 April 2021
superannuation

Why Your Super Fund Must Diversify From Climate Change Risks

Source: NestEgg In the latest update by SC Noel Hutley and commercial barrister James Mack, the lawyers have advised members that superannuation funds must divest from assets with a high degree of climate risk or face breaching members’ best interest duties. The pair noted super trustees are exposed to multiple […]
5 April 2021
post-jobkeeper

The 1 July 2021 Superannuation Changes

Changes from 1 July 2021 will impact on how much money you can contribute to superannuation and how much you can have in your retirement phase superannuation account. In general, your superannuation is either in an accumulation account (when you are building your super), a retirement account (when you meet […]
30 March 2021
superannuation

The ‘terrible’ Unintended Consequences of Superannuation Reforms

Source: NestEgg During an AIST media conference, AI groups chief policy adviser Peter Burn explained how changes to superannuation that are designed to protect members, such as stapling, will likely hurt their retirement income.  Under the government’s Your Future, Your Super reforms, from July, members’ contributions will be ‘stapled’ to a […]
25 January 2021
ATO-newstill-2-ad

Tax Office Issues SG Amnesty Disqualification Warning

The Tax Office has begun reaching out to businesses that made SG amnesty disclosures to remind them to pay their disclosed amounts or to set up a payment plan and meet each ongoing instalment amount. The warning letter notes that businesses will have 21 days to avoid being disqualified from […]
5 January 2021
Early Access to Super

ATO Issues Reminder on Early Release of Super

In a public update, the ATO stated that the COVID-19 early release of super program closed on 31 December 2020. Payments for applications submitted by 31 December will be made throughout January, the ATO said. The latest APRA statistics on the early release of super scheme show that at 13 […]
17 November 2020
best-worst-smsfs

3 Best and Worst Super Funds Revealed

Source: NestEgg Stockspots 2020 Fat Cat Funds report has stated that poor performance is largely due to higher fees, with CEO Chris Brycki highlighting to consumers they would be $200,000 better off if they are in a fund charging less than 1 per cent instead of paying 2 per cent. “One […]
17 November 2020
Australian Tax Office

ATO Flags Key Early Access to Super Dates

In an online update, the ATO said that ATO offices will generally be closed from midday of 24 December 2020 to the start of business on 4 January 2021. The last fund files prior to Christmas will be sent on 24 December 2020 – this will include all approvals up […]
4 November 2018

What to Look for on Your Super Statement

Super statements come but once a year (or twice with some funds). When yours arrives, it’s important to take a proper look because it could become one of the biggest assets you’ll ever have. Here’s our quick guide to what you should watch out for and why. 1. Personal details […]
Book Consultation