It is hoped that the Federal Budget 2021-22 will boost business and economic recovery badly needed as a result of the global pandemic. The Government has decided to put its foot on the accelerator with the hope that the growth in the economy over a long period of time will help to pay down the debt that has been central to the Government’s response to COVID-19.
Bitcoin and cryptocurrencies have had a bit of a resurgence, which may even have something to do with the pandemic. But the implications for your tax outcomes is something even the ATO is wary about.
We also look at “personal services income” and the ATO’s refreshed guidance, the qualifications that are expected for SMSF trustees, and how to best go about briefing your barrister if you or your business need to face court.
When it comes to selling property and CGT liabilities, the timing of the transaction can be more important than many expect. We also look at the fact that not every type of income is taxed, with some money escaping tax altogether.
There are new insolvency reforms that could help some small businesses in their climb out of the COVID-19 bunker. We cover the deductibility or otherwise of the costs of re-financing a partnership, and provide some tips on managing your super fund’s transfer balance account.
It’s getting very close to the business end of the financial year, so we have gathered some tax planning tips that could set you up for a better tax outcome. And as that outcome can be ruined by having to deal with an excess super contribution charge, we look at how best to avoid it.
The ATO has tightened the evidence requirements for real property valuations for SMSFs, so we look at how to keep your fund compliant, and also bring some good news with the recently launched SME Recovery Loan Scheme, plus an expansion of the ATO’s independent review service.
One of the economy-boosting measures initiated to help in a post-COVID recovery is the JobMaker scheme. We run over what you need to know. And especially for this time of year, we look at tax and dealing with natural disasters.
Getting a valuation is sometimes required when managing tax affairs, so we cover the basics in case you need to have an asset valued. We also touch on the realities when a business ceases reporting by single touch payroll.
Government agencies sometimes use ABN registration to contact businesses for emergency help or even grants of support, so it’s important to keep your business’s ABN details current. And the perennial problem of dealing with cash flow gets some advisory help from the ATO.
A new Director Identification Number regime is something companies may need to get familiar with very soon, and we re-visit the changes that COVID-19 has made to FBT. There’s also details about the unstoppable SMSF sector, and the tax treatment of unexpected lump sums.