The Land Tax (Miscellaneous) Amendment Bill 2019 (Bill) in its final form (after various versions) received Royal Assent on 5 December 2019. The new measures set out under the Bill will commence on 30 June 2020. The measures represent significant land tax reforms and will impact all property owners.
Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow
The headline above may give the impression that electronic invoices are a futuristic concept, but of course even today there is a version of e-invoices — think PDFs and other electronic documents that can contain the information that a standard tax invoice is required to display
There is a simple step that many businesses can take to better manage the risk that can attach to certain assets.
Not so many years ago, a new scheme was introduced, which also established a national register, that could affect anyone who answers “yes” to any of the following scenarios — are you in business, and do you:
sell goods on retention of title terms?
hire, rent or lease out goods?
buy or sell valuable second-hand goods or assets?
want to raise finance using stock or other assets as collateral?
work as an adviser to clients who conduct these activities?
As you will gather from the very wide-ranging scenarios listed above, the scheme (the Personal Property Security Register, or PPSR) can potentially cover a significant proportion of Australian business.
Estate planning is an important part of life – especially if you have a variety of assets in your own name, companies, trusts and/or a superfund. It’s about making sure that the investments you have and make now are passed on to your family or beneficiaries in the most effective way.
Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents when moving home (either paper or electronic), or technology failures that end up with the same result (or at worst even destroy records).
The majority of people who set up their own SMSF say that “control” is a big reason for doing it. There is flexibility and benefits in running your own superannuation fund, but it is also a big responsibility to make sure your fund grows and provides for your retirement.
Preparing an “investment strategy” is one of the key tasks that SMSF trustees need to complete — and maintain. This involves formulating a strategy that takes into account risk, return and diversification. There is no master plan or prescribed format for preparing an investment strategy, and it will be largely determined by your own approach to investment and risk, and in fact will be unique to your SMSF.
Employers know that popping a champagne cork or two to celebrate the festive season lets staff know their efforts are appreciated, but the well-prepared business owner will also know that a little tax planning can help ensure that it’s not the business that ends up with the FBT hangover.
From 1 October 2019, SMSFs that lodge their annual return two weeks after their lodgement due date (for example, 28 February or 15 May) will be suspended from receiving rollovers and employer contributions. The superfund status on the Super Fund Lookup System (SFLU) will change to ‘regulation details removed’. The status will be reinstated to ‘complying’ once all overdue lodgements are up to date.
It can sometimes be the case that spouses can have different main residences at the same time. When this occurs, special CGT rules apply to in effect provide only one CGT main residence exemption over this period. However, important decisions and choices may need to be made to optimise the tax outcome in this case (or avoid an adverse outcome).
The latest statistical report from APRA has been released, which of course mainly focuses on the APRA-regulated superannuation funds in the retail and industry sectors.
But the APRA statistics also make passing mention of ATO-regulated funds, the SMSF sector, which from June 2018 to June 2019 grew in total assets from $735.4 billion to $747.6 billion — an increase of $12.2 billion. For a bit of fun, you can think of that equalling roughly $33.4 million each day, $1.4 million each hour, or $23,200 every minute.
To coincide with the Adelaide 500 motor racing weekend, Oreon Partners proudly hosted a fun-filled corporate event in our grounds with viewing decks, food, drinks and plenty of action. Enjoy our recap video from the weekend.