TaxRambling.comAnd 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 […]
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 […]
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 […]
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 […]
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 […]
