SMSFs and Property
The Australian Taxation Office has warned trustees of self-managed superannuation funds (SMSFs) about investing in property without understanding their obligations under the law. Read more..
New Super Guarantee Laws
Companies have two weeks to ensure that their Super guarantee obligations are up-to-date for the June quarter or directors risk having to pay the super guarantee charge (SGC) themselves. Read more..
Industry Performance Benchmarks
Have you reviewed your business against industry benchmarks? The ATO may be.
The Australian Taxation Office have been gathering trading information for various industries to determine industry benchmarks. They will use these relevant benchmarks to compare against the information you have declared for your business. This could mean increased levels of ATO audits.
Changes to Concessional Superannuation Contributions
The maximum combined concessional superannuation contributions you or your employer can make is $25,000 per year. Amounts above this threshold in a year are subject to excess contributions tax. Currently, until June 2012, this threshold is higher at $50,000 per year for those over 50 years of age.
From 1 July 2012, the threshold for all individuals, regardless of age will be $25,000.