A trio of trip-wires businesses should avoid, says ATO

A trio of trip-wires businesses should avoid, says ATO

  Wayward habits accentuated by the pandemic will be a compliance focus.     Businesses should be alert to three potential tax return trip-wires that could run it up against ATO compliance this year, Assistant Commissioner Andrew Watson said. Speaking on this week’s...
Documentation key in preventing ‘disappearing crypto’, SMSFs told

Documentation key in preventing ‘disappearing crypto’, SMSFs told

  Thorough documentation can help mitigate the risk of crypto assets going missing in situations like divorce, says a specialist lawyer.     Speaking in a recent webcast with Crypto Tax Calculator, Cadena Legal Harrison Dell explained that when it comes to documenting...
Three tips for building a good portfolio

Three tips for building a good portfolio

The first step to building a sound investment portfolio is to know why you’re investing   Be deliberate Setting measurable investment goals gives investors clarity and direction, and prevents them from falling into common investment traps like chasing unrealistic...
How much money do I need to retire?

How much money do I need to retire?

When I retire, will I have enough money to enjoy the retirement lifestyle I envision? It's a question many of us will need to ponder at one point.   It’s a question most of us will need to ponder at some stage in our lives. When I retire, will I have enough money...
ATO clarifies critical reporting deadline with TBAR transition

ATO clarifies critical reporting deadline with TBAR transition

The ATO has clarified that SMSFs will need to report all unreported events from the 2022–23 year by 28 October 2023 once the new framework starts. – ATO client engagement director Dalila Vellotti has confirmed some important details on when SMSFs who are...
Pensions to face tougher scrutiny under new TBAR system

Pensions to face tougher scrutiny under new TBAR system

The move to the new quarterly based TBAR regime may see a clampdown on the backdating of pension documents, CFS has cautioned.   Speaking in a recent podcast, Colonial First State head of technical services Craig Day noted the recent announcement from the ATO that all...
Proof of ownership flagged as ‘biggest’ crypto issue for SMSFs

Proof of ownership flagged as ‘biggest’ crypto issue for SMSFs

SMSFs have been warned on some of the challenges in proving ownership of crypto assets, with only certain exchanges allowing SMSF accounts to be registered.   Speaking in a recent webinar with Crypto Tax Calculator, Cadena Legal director Harrison Dell explained that...
Withdrawal strategies before death require careful consideration

Withdrawal strategies before death require careful consideration

Professionals have been warned there is a “fine line” between member benefits and death benefits where a member plans to withdraw shortly before death.   In a recent article, Cooper Grace Ward Lawyers senior associate Steven Jell said there can be a different tax...
A retirement plan built to last

A retirement plan built to last

Staying the course, and not being distracted by short-term market events, is just as important in retirement as it is at any other time.   Retiring from work shouldn’t necessarily equate to retiring from managing your investment portfolio. In fact, taking an active...