SMSF Property Valuations

By Daniel Shaw The ATO recently provided guidance on the types of evidence a trustee can use when valuing the property holdings in an SMSF. Prior to 1 July 2012, trustees could provide a valuation for SMSF assets every three years. However, they are now required to annually report the market value of assets with evidence to support the valuation. Up to date asset valuations are critical to members of an SMSF as it helps to accurately calculate their member…

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How the JobMaker and Apprentice Scheme Works

By Darren Williams JobMaker Hiring Credit Scheme The JobMaker Hiring Credit scheme provides eligible employers with a wages subsidy payment of up to $200 per week in respect for  each newly hired eligible employee. The payment amount varies depending on the age of the new employee as shown below: Age of eligible employee(at commencement of employment) JobMaker Hiring Credit 16 to 29 years old $200 per week (the higher rate) 30-35 years old $100 per week (the lower rate) To…

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Business Christmas Parties – What are the FBT/Tax Implications?

With the festive season upon us, businesses look at holding Christmas parties and providing Christmas gifts to staff. It should be noted when they are both provided to staff, the employer may be subject to Fringe Benefits Tax (FBT). A Christmas party is considered an “entertainment benefit” and to the extent that the expenditure relates to employees or their associates attending this party, the expenses may be subject to FBT unless an exemption (e.g. the “minor benefits” exemption) applies. A…

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Costs of Operating SMSFs

By Daniel Shaw Recently the SMSF Association published the report ‘Costs of Operating SMSFs 2020’ (SMSFA Report) which is an updated version of the report Rice Werner completed in May 2013 (RW Report) for ASIC. The SMSFA’s Report’s findings conclude that in most circumstances the costs of running an SMSF are very competitive and even in some cases cheaper than APRA, industry and retail funds. In the SMSFA Report it details that where an SMSF has a balance of between…

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How to return to work after COVID-19

As we all know, the world came to a stop when news of the COVID-19 virus sprung upon us. In the lengthy 8 months we have been in lockdown, businesses all across Victoria took a hit from the state of the economy. According to statistics from the first instalment of the Impact of COVID-19 Businesses report, results show that the crisis has affected majority of business in Australia. In April, approximately 58% of businesses owners reported that COVID-19 strongly affected…

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Business Structuring

Before the commencement of any business venture one of the first fundamental questions is what business structure you will operate under. If this is not considered carefully & the correct decision made, this can be costly in the future if you need to restructure your business. Your choice of structure will depend on the size and type of business and how you want to run it. Each structure may have an impact on key areas such as tax you’re liable…

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This quarter’s newsletter covers the following topics: DFK ANZ Feature Article2020 Federal Budget Explained DIV7A Loans & COVID-19 Depreciation limit on cars COVID-19 Working from home deductions Upcoming Key Dates Download the full newsletter here

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Super Fund Updates

As part of its 2019-2020 budget the government announced changes to the contributions rules to allow older Australians greater flexibility to make contributions into their super fund.  The changes were introduced into parliament in separate bills in March and May 2020 and importantly relate to: Amending the work test requirement from age 65 to 67 (first bill) Increase the cut off age for spouse contributions from 69 to 74 (first bill) Making the brought forward rules available to members aged…

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Selling Your Business

If you are considering selling your business, whether it be sooner or later, the more prepared you are the better the outcome may well be. As Benjamin Franklin said – “if you fail to plan, you are planning to fail”. As you can see from below – there are so many steps to take and it likely won’t be an overnight process.  But there is help at hand to make the process as smooth as possible. Speak with your adviser…

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Comments on the 2020 Federal Budget

The 2020 Federal Budget has been handed down delayed due to COVID-19.Rather than returning to surplus the effects of the COVID-19 pandemic sees the country in a recession with debt of over $200 billion and this is anticipated to grow to $1 trillion. The focus of the Budget is to deliver an Economic recovery plan to create jobs and to stimulate and rebuild the Australian economy. Key measures announced were:  Backdating personal income tax cuts Expanding the immediate asset write…

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