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SMSFs with 5 or 6 members

And the third Bill passed today (but still to be approved by the Government majority in the House of Reps, so pretty much a formality) increases the number of members of a self managed superannuation fund from ‘fewer than 5 members’ (meaning 4 or less members) to ‘no more than 6 members’ (now can have […]

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Change to Super Choice starts in 13 days

In another Bill passed by the Parliament today (still has to go back to the House of Reps to approve amendments but this is pretty much a formality), the rules regarding default funds in choice of super has been changed for any employee starting employment on or after 1 July 2021… so any new employees […]

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13 days for 66 and 67 year olds to make $300k super contribution

Today a change passed through the Parliament (still has to go back to the House of Reps to approve amendments but this is pretty much a formality) that allows individuals aged 65 and 66 who were not previously able to access the bring forward non-concessional contributions cap due to their age may do so, starting […]

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It was just that way Commissioner

In the case of VNBM and Commissioner of Taxation [2021] AATA 1626 the directors of a company made the following payments… So why would the directors (spouses with the husband being an accountant and tax agent) decided to pay such a large salary in the March 2020 quarter? Have a look at the PAYGW for […]

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Only a surgeon…

On 12 February I told you about the surgeon who did not lodge tax return for years and ended up owing $1.2 million in taxes. As a reminder, he argued the tax debt should be forgiven as if he had to pay the $1.2 million, he would suffer the following “serious hardships”: He could no […]