ATO provides cyber security tips for Self Managed Super Funds
Introduction In the wake of the recent cyber attack on Optus, the ATO (Australian Taxation Office) and Australian Cyber Security Centre have provided some important steps to help people keep their data safe. After the Optus data breach, which exposed the personal information of 10,000 clients, it’s crucial for individuals to take steps to protect […]
WHAT IS CAPITAL GAINS TAX (CGT) AND WHO SHOULD PAY IT?
Introduction Australia’s taxation system encompasses the taxation of capital gains. Typically, capital gains arising from the sale of assets like land, business assets, and intangible assets fall under the purview of Capital Gains Tax (CGT). It’s important to note that capital gains can also arise from various transactions that don’t involve asset disposal, such as specific trust […]
Small Business Skills and Training Boost
Introduction The Australian Taxation Office (ATO) knows that small businesses require support to succeed. So, they’ve created the Small Business Skills and Training Boost program to help small business owners do well in today’s competitive market. In this article, we’ll explain all about this program, talk about its advantages, and give you the info you require to […]
Exploring the Fringe Benefits Tax Exemption for Electric Cars
Understanding Fringe Benefits Tax (FBT) To begin, let’s understand Fringe Benefits Tax (FBT). FBT is a tax from the Australian government that applies to certain non-cash benefits given by employers to their employees on top of their regular pay. These benefits could be things like giving an employee a company car for personal use, paying […]
Small Business Technology Investment Boost
Introduction It’s really important for small businesses to stay competitive and up-to-date. The Australian government knows how crucial it is for small companies to use new technology and be innovative. That’s why they’ve introduced something called the Small Business Technology Investment Boost. This program is like a helping hand for businesses that want to do […]
Small Business Support: The $20,000 Instant Asset Write-Off Explained
What is the $20,000 Instant Asset Write-Off? The $20,000 instant asset write-off is a rule from the Australian government that helps small businesses save money. It lets them take away the full cost of things they buy for their business, as long as each thing costs less than $20,000. So, if a small business gets […]
Making Your SMSFs Work Better: Why Spreading Your Investments Helps
Diversifying Investments: Boosting Returns for SMSFs A recent study from the University of Adelaide shows that spreading your money across different types of investments is a good idea. They looked at over 318,000 self-managed super funds (SMSFs) from July 2017 to June 2019. The study found that SMSFs with a mix of different types of […]
Creating an SMSFs – What Factors Should You Think About?
Introduction Starting an SMSFs can be complex. Making mistakes in the process can significantly impact your finances and retirement goals. The first thing to figure out is if an SMSFs is the best choice for you. Creating an SMSFs can be hard. If you make mistakes, it can really mess up your money and retirement plans. The […]
ATO Offers Cybersecurity Advice for Self-Managed Super Funds
Introduction Where our information is at risk from cyber threats, keeping our personal data safe is really important. A recent cyber attack on Optus, where the personal info of 10,000 customers was exposed, reminds us how crucial it is to take steps to protect ourselves. The Australian Taxation Office (ATO) and the Australian Cyber Security […]
SMSFs: Notable Aspects from the 2022-23 Federal Budget
Extension of the Temporary Reduction in Superannuation Minimum Drawdown Rates Because of the uncertain economy, the government has decided to continue letting retirees take out only half of the usual minimum amount from their superannuation (retirement savings) until June 30, 2023. This is good news because it means retirees don’t have to sell their investments […]
