Self Managed Super Fund (SMSF) laws have recently been amended to increase the maximum number of members in the fund.

A SMSF can now have up to 6 members.  Previously, the laws only allowed a SMSF to have up to 4 members, which was sometimes limiting for larger families that had more than 2 children.  The laws do not restrict members of a SMSF to immediate family, which may be convenient for persons wanting to pool their assets for retirement and have a higher level ...

Unfortunately, this was not a very exciting federal budget .... boring .... yawn-fest.  There are only a few key individual measures worth noting (all the rest is pretty much inconsequential to the majority of us): Low and Middle Income Tax Offset will increase by $420 in this current 2022 FY One-off $250 payment for Social Security payment recipients – including pensioners Single Paid Parental Leave scheme of up to 20 weeks paid leave Home Guarantee Scheme increase to 50,000 ...

For anyone that has a Higher Education Loan Program (HELP) debt it is important to understand the HELP Repayment Incomes and Rates for the 2023 FY to effectively budget for any repayments that fall due.

The minimum repayment percentage is based on the persons gross income.  The higher the gross income, the higher the repayment percentage.

The person needs to be earning more than $48,361 in the 2023 FY before repayments are required.  The repayment percentage minimum 1.0% and the m...

If you are running a business, and are entitled to claim GST paid on goods and services received by your business, you need to ensure any Invoice for  payment is compliant with ATO guidelines or the GST will not be claimable. If you are registered for GST then the Invoice received must be called a 'Tax Invoice', providing your supplier is registered for GST.  If your supplier is not registered for GST, their Invoice must not include the words 'Tax Invoice', and you ...

As most businesses transform their recordkeeping from paper-based to digital, it is sometimes difficult to understand what the legal requirements are for recordkeeping.

Luckily, the ATO have kindly provided guidance as to what they require in terms of digital record keeping.  What the ATO will accept and ensure that you are complying with their requirements.  It is important to understand your requirements so that in the event the ATO need you to prove tax deductions, you will...