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JunCheck if and how you can contribute money from the sale of your home into your super fund via a downsizing contribution. accountant Melbourne About downsizer contributions If you are 55 or older, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund. A downsizer contribution is a non-concessional contribution, but it doesn’t count towards the contribution cap. It will not affect your total superannuation balance until it is re-calculated at the end of the financial year. However, downsizer contributions count towards your transfer balance cap. This cap applies when you move your super savings into retirement phase, and is taken into account in determining eligibility […]
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Junaccountant Melbourne Information about functional currency rules, eligibility and the implications for tax accounting and reporting. How to use this guide The electronic version of this document is the only authorised version. Printed copies may be out of date. Read this guide to find out more about the functional currency rules, including: You can use this guide if you are: This guide does not cover income from overseas permanent establishments of resident taxpayers. Functional currency translation rules The functional currency translation rules are an exception to the core foreign currency translation rules. Under the core foreign currency translation rules, amounts in a foreign currency must be translated into Australian dollars (A$). There are also rules about when and at what exchange rate[…]
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MayThree Queensland women who illegally attempted to access superannuation payments have been sentenced to imprisonment. Three Queensland women who illegally attempted to access superannuation payments under a Federal Government COVID-19 scheme have been sentenced to imprisonment. Two women who both pleaded guilty were Tuesday, 28 May 2024 sentenced in the Brisbane District Court to three years and six months’ imprisonment. A third woman, who also pleaded guilty, was sentenced in April to five months in prison. The Australian Federal Police (AFP) anti-fraud Taskforce Iris charged the women in August 2020 after an investigation revealed the group submitted several fraudulent applications to attempt to access early release of superannuation payments totalling $103,500. The women used myGov accounts to claim to be other[…]
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MayHow to apply for super held by the ATO online or by using the paper application form (NAT 74880). Manage your super online You can manage your super using our online services. This includes applying for your ATO-held super money and uploading supporting documents. To use our online services, you need to create a myGov account and link to the ATO. For more information, see Keeping track of your super. Eligibility criteria You can only apply for a payment of your super held by us if you meet at least one of the eligibility criteria outlined in the tables below. If you apply using ATO online services, in most instances we will automatically work out if you are eligible. Depending on[…]
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MayInstructions for foreign investors who need to register an asset or update details about an existing asset. What is an asset An asset can be a: There is no fee payable to register assets. Register a new asset Check the information required to register the relevant asset type. Have the information you need ready to complete the registration in one session, as: Each asset must be registered separately. Log in to Online services for foreign investors. From the home page, select the Asset menu or Register asset quick link. At the Asset page select Add then Register new asset. The asset will have an Asset ID after it is registered. Required information The information you need to provide for each asset type: Property Each registration represents one property. If a property has[…]
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MayJ5 deliver crypto asset investigation training to over 50 members of Australia’s Serious Financial Crime Taskforce. Last week, specialists from across Joint Chiefs of Global Tax Enforcement (J5) jurisdictions delivered crypto asset investigation training to over 50 members of Australia’s Serious Financial Crime Taskforce (SFCT). This collaboration between the J5 and SFCT comes at a critical time, as crypto assets are increasingly utilised in criminal activities, including to launder the proceeds of tax crime. Criminals are drawn to trading in crypto assets due to perceived anonymity and the ease and speed with which they can be traded anywhere in the world. The training provided the opportunity to explore real-world case studies and emerging technologies to support the identification, investigation, and[…]
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MayOn Sunday 12 May, I’ll be participating in the Mother’s Day Classic Charity Event in Melbourne with my daughter and nieces, along with thousands of Australians in other capital cities. We’ve dedicated our donation to my sister’s memory, with the funds going to breast and ovarian cancer research. The Mother’s Day Classic is truly inspirational and has led to the creation of a community tradition for thousands of families who want to mark Mother’s Day with an event that makes a difference. The founders of the event should be very proud of how it has evolved and grown, and more importantly the difference the foundation makes to the lives of so many Australians. The growth of not-for-profits (NFPs), however, is not[…]
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MayNFPs need to get ready for new return From 1 July 2024, non-charitable not-for-profits (‘NFPs’) with an active Australian Business Number (‘ABN’) (sporting, community and cultural clubs, among other organizations) will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status. Non-charitable NFPs that have an active ABN can get ready now by: NFPs can use Online services for business lodgment: When it comes time to lodge, NFPs can use Online services for business which lets organizations manage their reporting at a time that is convenient for them. If an NFP has engaged a registered tax agent, their agent can also lodge on their behalf through Online services for agents.[…]
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MayGovernment warns of ‘malicious’ MyGov scammers The Government says the ATO or MyGov will never send an email or text message with a link to sign in to MyGov. The ATO has received a large number of reports of scammers using fake MyGov sites to steal MyGov sign-in details, which can be used to commit tax and refund fraud in other people’s names. These criminals will often use text message or email to lure people into clicking a link using phrases such as ‘You are due to receive an ATO Direct refund’ or ‘You have a new message in your MyGov inbox – click here to view’. The Government has urged Australians to be vigilant regarding scammers who target ATO[…]
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MarFind out how your small business compares to others in your industry. We’ve updated our small business benchmarks for 2021–22. The benchmarks help you compare your business turnover and expenses to other small businesses in the same industry. For example, Deb runs a pizza shop as a sole trader. She’d like to track her business against other pizza shop businesses, and see how she can improve. Deb downloads the ATO app and opens the Business performance check tool. She uses this tool to work out the cost of sales to turnover benchmark for her pizza shop. It’s within the higher end of the range and above the average for pizza shop businesses. Deb works out her main supply costs. She then negotiates a better[…]
