Illegal early release of super (IER) is one of the risk areas that the ATO has identified as being of most concern and in need of action. Each year, the ATO analyses its data to identify the areas of high risk that will form part of its compliance program. Aside from illegal early release, another…
The workplace can be where you spend the majority of your time. Maintaining a positive and healthy environment while at work is therefore critical to your happiness and mental wellbeing. One of the key ways to ensure your workplace is healthy is by having strong relationships with your colleagues. Here are some simple ways you…
Business owners have a responsibility to look after their staff and ensure they have a healthy working environment. This extends to mental health as well as physical. With one in five people experiencing a mental health issue at some stage in their life, there is a greater need to have mental health support specifically within…
Members who receive income from one or more capped defined benefit income streams may have additional tax liabilities. They would then need to calculate their entitlement to the 10% tax offset if the income from all their capped defined benefit income streams exceeds their defined benefit income cap. SMSF trustees should be checking whether they…
Social media is an established part of our everyday lives, as well as a key platform for many businesses. The rise of social media creates a number of legal issues that business owners must be aware of when utilising platforms such as Facebook, Instagram and LinkedIn. Businesses should consider a proactive approach in implementing both…
The ATO has developed a new rental property owners toolkit for property investors to ensure that mistakes are avoided in their tax returns. Each year, the tax office identifies fairly common mistakes being made with tax claims made in regard to investment properties. In a recent review of individual tax returns, nine out of 10…
Protecting your business from any kind of threat is a priority. When it comes to online security, however, many owners are not practising secure measures to properly protect their business. Online scamming and fraud is a lucrative industry, with large amounts of money being transferred to scammers under false pretences. Small businesses are unfortunately too…
Setting financial goals can be a great way to ensure that you’re always in control of your money. However, we all have frivolous spending habits that can derail us from achieving these goals. With perseverance and dedication, many of these habits can be changed over time. Whether you are saving for a house, that big…
A key responsibility for trustees of self-managed super funds (SMSFs) is to ensure proper and accurate tax and superannuation records are kept for the fund. When you have been running your fund for a long period of time and have amassed a large amount of information, it can be difficult to know exactly what records…
The ATO is developing new online services systems to replace AUSKey, which is due to retire in March 2020. Taking the place of AUSKey will be myGovID and Relationship Authorisation Manager (RAM). MyGovID is an authentication service that will allow individuals to prove who they are online. This system will work by establishing your identity…