Reform of the ABN System

Reform of the ABN System

The ABN system was originally introduced as a simple way to provide businesses with unique identifier when dealing with the government. It has since become a de facto licence to do business despite no substantial changes in the application process in the intervening...
Areas of concern for SMSF trustees

Areas of concern for SMSF trustees

If you are the trustee of one of the approximately 577,000 SMSFs in Australia at the moment, there are some areas the ATO wants you to pay particular attention to including the sole-purpose test, the in-house asset rules, unlawful schemes and arrangements, and...
Beware of clothing deductions this tax time

Beware of clothing deductions this tax time

Beware of work-related clothing and laundry expense claims this tax time, the ATO is cracking down on individuals making unsubstantiated and exaggerated claims. It has reminded taxpayers that only uniform, protective or occupation-specific clothing that you are...
Downsize to boost your super

Downsize to boost your super

From 1 July 2018, people aged 65 or over will be able to make additional non-concessional contributions of up to $300,000 from downsizing their home subject to certain conditions. This is in addition to the concessional and non-concessional contribution caps. However,...