With the financial year just ending, the ATO has recently released a series of announcements detailing their audit focus for the upcoming tax season. Following our first article another focus is on rental properties after recent audit activities revealed errors in 9 out of 10 rental property tax returns.
With the financial year just ending, the ATO has recently released a series of announcements detailing their audit focus for the upcoming tax season.
In February this year, the Federal Government passed legislation impacting APRA-regulated funds and the insurance coverage they provide members. Previously these funds were able to charge members insurance premiums for default insurance coverage. In many cases this meant members with very small balances were being charged insurance premiums which gradually reduced their super balances.
The Fair Work Commission has recently announced the outcome of its annual wage review and has decided on a 3% increase to all modern award rates including to the National Minimum Wage from 1 July 2019.
June is the time of year to look at tax planning to reduce the tax paid on current year’s profits. However it is also a good time to look ahead to the next tax year and identify opportunities to improve cash flow. One such opportunity which many taxpayers are unaware of, is available to those with negatively geared rental properties.
Legislation passed on 1 April 2019 to improve the integrity of the super guarantee (SG) system will have a massive impact on the personal liability of directors.