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The 1st July 2021 Superannuation Changes

Changes from 1st 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 preservation age and certain conditions …

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Professional Services Firm Profits Under Fire

The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured – specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being taxed.   New draft guidance …

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Why Are Some Businesses Returning JobKeeper?

Retail industry vs Covid-19 vs JobKeeper payment Super Retail Group – owner of the Supercheap Auto, Rebel, BCF and Macpac brands – handed back $1.7 million in JobKeeper payments (a scheme to support businesses and not-for-profit organisations significantly affected by COVID-19, to help keep more Australians in jobs.) in January after releasing a trading update …

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A New Announcement From ATO of Single Touch Payroll

Single Touch Payroll (STP), is an Australian Government initiative to reduce employers’ reporting burdens to government agencies. With STP, you report employees’ payroll information to us each time you pay them through STP-enabled software. Payroll information includes: Salaries and wages Pay as you go (PAYG) withholding Superannuation.   The ATO has made two important announcements …

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Know Changes to the Application of Foreign Surcharges for Trusts Holding NSW Residential Property

The State Revenue Legislation Further Amendment Act 2020, which came into effect in New South Wales on 24 June 2020, includes changes to “foreign person surcharges” for purchaser duty and land tax relevant to residential land in NSW owned by discretionary trust. So, if you are concerned about some changes of foreign surcharges for trusts …

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Advantages and Disadvantages of a Discretionary Trust

If you are considering starting your business through a discretionary trust, it is important to understand how the discretionary trust will impact your business running and understand this structure is appropriate for meeting your purposes. In this article, we’ll explain the advantages and disadvantages of a discretionary trust. What Is a Discretionary Trust? Discretionary trusts …

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