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ASIC Updates its guidance on when a Self-Managed Superannuation Fund (SMSF) is suitable – now deemed more attractive at balances of $200,000 or more In October 2019, ASIC had issued guidance that only where a Self-Managed Super Fund (SMSF) has a total investment balance of $500,000 or more, including single and multiple member (family) SMSFs, should licensed Financial Advisers consider recommending them to clients. The October 2019 guidance considered that only at this minimum balance or over, the performance of…

Christmas is a great time to acknowledge and reward your employees and their associates by celebrating and giving gifts. But don’t get caught out by the ATO entertainment rules! Claiming entertainment and gifts as business expenses is not always straight-forward, as there are implications for GST, income tax and fringe benefits tax (FBT). Is it Entertainment? Entertainment is generally not a deductible business expense. Entertainment rules can be tricky, but in general, the more lavish the meal or event, the…

The Australian Taxation Office has announced that Temporary Full Expensing is set to finish on the 30th of June 2023. Paul Turnbull, Manager at DFK Benjamin King Money, provides a helpful guide below on what you should consider before the deadline. Business clients should keep in mind the immediate deduction for eligible capital expenditure is set to finish this financial year, 30 June 2023. The assets purchased will need to installed and ready for use prior to 30 June 2023.  Delivery…