News

Uber drivers hit for 10% tax

  In a recent decision, the Federal Court has held that the UberX service supplied by Uber’s drivers constitutes the supply of “taxi travel” for the purposes of GST. 

Our ‘hardest’ SMSF tasks

What are the hardest aspects of running your self-managed super fund (SMSF)? There are certainly more and more tasks and professional help my be needed to manage them properly.

Taxpayer failed to prove that payments were “loans”

In a recent case, the Full Federal Court has found that several taxpayer companies had not discharged the onus of proving that assessments the Commissioner of Taxation issued to them were excessive. 

Lack of literacy promotes unrealistic goals

A large proportion of Australians have unrealistic retirement goals.  (NB: There are financial tools on this site that can help as too can a financial planner)

New STP dates confirmed as ATO goes on compliance blitz

The government has confirmed that the Single Touch Payroll will now roll over to small businesses with less than 20 employees, as it seeks to up its efforts to monitor employer payment obligations.

ATO flags compliance project for FY17/18

The ATO will be upping its superannuation guarantee (SG) casework by one-third, and is poised for increased audits and penalty notices of up to 200 per cent for non-compliers.

Young investors: Time is on your side

Today's young investors weren't alive when The Rolling Stones, among others, released versions of Time is on my side yet the song's title just about sums up their lengthy investment horizon.

Is your SMSF retirement-ready?

A landmark stage in the life of a self-managed super fund is when at least one of its members moves from the accumulation phase to retirement phase. (NB:  A financial planner can help with this question if you're not sure)

Investors acting their age

Young investors can fall into the trap of being too conservative for their own good, forfeiting compounding long-term returns from growth assets.

ATO locks in details, addresses panic on real-time reporting

The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined what will be included in a new position paper set to be released shortly for the SMSF community. 

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