SMSF Property Valuations: Why Obtaining An Accurate Market Value Is A Yearly Requirement
by Luke Quinnell Self-Managed Superannuation Funds (SMSFs) are subject to strict compliance obligations. For trustees who hold property within their SMSF, one of the most important—and often misunderstood—responsibilities is ensuring the property is reported at its market value every financial year. While many in the industry still refer to an outdated “three-year valuation rule,” property […]
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Fair Work Ombudsman Surprise Inspections: Are Your Employer Records Compliant?
The Fair Work Ombudsman (FWO) has been doing spot checks on small businesses across six cities to see if employers are keeping proper records. If you have staff, now is a good time to make sure everything is in order. Around 50 businesses have been visited by the FWO in locations such as Sydney, Melbourne, […]
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Proposed Superannuation Changes: What You Need to Know
by Luke Quinnell Since the election, the government’s proposed changes to superannuation have received heavy coverage in the mainstream media, with many commentators voicing concern. While most people agree that imposing extra tax on super balances over $3 million is reasonable, there are three highly controversial elements: Tax on Unrealised Gains: This means being taxed […]
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Significant Change To ATO Interest Charges Deductibility And A Firmer Approach To Debt Recovery
by Luke Quinnell Taxpayers that incur general interest charge (GIC) and shortfall interest charges (SIC) from 1 July 2025 will not be able to claim these expenses as a tax deduction. This means that the costs of not paying your tax debt on time will significantly increase from 1 July 2025. The current ATO GIC […]
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Tax Consequences Of Receiving A Total And Permanent Disability (TPD) Payment
by Erin Harding Are you receiving a Total and Permanent Disability (TPD) payment this financial year from your superannuation fund? If so, there may be significant tax consequences. TPD Payments TPD payments are divided into tax-free and taxable components. The tax-free component is not included in your taxable income and this amount is calculated based […]
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