SMSF Trustees: Is your super fund ready for SuperStream
The majority of our clients have self managed superannuation funds, (SMSF), and so too will some of your employees; the following is an extract from an article which we thought particularly relevant and important to bring to your attention, please continue reading, especially, the second half of this article for information on how to make your SMSF SuperStream-ready as it may impact on your ability to process payments to SMSFs.
ATO Tip – Claiming Tax Deductions
Never miss out on claiming a deduction because of a lost receipt again!
With the new myDeductions tool on ATO app, you can:
> capture work-related expenses and gifts & donations
> store photos of receipts
> record work-related car trips
Next year at tax time, you can upload your completed deductions to the ATO and we will pre-fill your tax return.
Download the ATO app now – Free from your app store
Taxman’s “certainty” letters really that certain?
The ATO has started issuing “certainty” letters to select individual taxpayers who have basic tax affairs, have a good compliance record, and have a taxable income of less than $180,000. The letters will inform that their 2015 tax returns are finalised. However, the letters are part of a pilot program undertaken by the ATO. It remains to be seen what issues could emerge.
Company Directors Must Meet Tax Obligations to Avoid Penalties
Company directors have a legal responsibility to ensure that their company meets its pay-as-you-go (PAYG) withholding and superannuation guarantee (SG) obligations. A company director who fails to meet a PAYG withholding or SG liability in full by the due date automatically becomes personally liable for a penalty equal to the unpaid amount.
Resolve the Deal Breaker
Valuations are critical when you want to sell your company, but you and the potential buyer may have diverging ideas about its worth. That doesn’t, however, mean the deal is lost. Here is how an earn-out arrangement can smooth over the disparities and benefit both you and the potential new owner.
Disclaimer of Liability
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.