Miscellaneous
As trustees prepare for year-end distributions, they should do the following: review the relevant trust deed to ensure they are making decisions consistent with the terms of the deed; consider who the intended beneficiaries are and their entitlement to income and capital under the trust deed; notify beneficiaries of their entitlements, so that the beneficiaries […]
The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer. In the 2021 income year, the taxpayer’s employer made concessional super contributions to his super fund totalling $31,737, which resulted in the taxpayer exceeding his concessional […]
From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status. Editor: This will include sporting, community and cultural clubs, among other organisations. Non-charitable NFPs that have an active ABN can […]
The Serious Financial Crime Taskforce (‘SFCT’) is warning businesses about using illegal financial arrangements such as ‘false invoicing’ to cheat the tax and super systems. False invoicing arrangements may consist of the following: an entity (the ‘promoter’) issues invoices to a legitimate business but no goods or services are provided; the business pays the invoices, […]
Faced with tough times, some people may be thinking about accessing their super early. Taxpayers may have been approached by someone (a ‘promoter’) claiming that members of super funds can withdraw their super or use an SMSF to pay off debts, buy a car, or pay for a holiday. The ATO warns taxpayers that this […]
Taxpayers should be aware that some natural disaster relief payments are not taxable. Businesses that have received a government support payment because of a natural disaster (such as a major weather event) should check if they need to include this as assessable income in their tax return before they lodge (although they may not need […]