Now that the FBT year has ended, it’s timely that the ATO has revealed that it is using all its data matching tactics to dig up every piece of information it can in relation to motor vehicle benefits. We warn about the areas to watch.
With the taxman taking a hard line lately on people who put too much into their super fund, we give you some tips on how to avoid the excess contributions tax. And if you run your own SMSF, it is now mandatory to use “market value” reporting for asset valuations. We provide a guide on what you will need to know.
Has your business provided you with a loan, waived a debt that one of your associates owed, or made some other such generous gesture? If so, you should get to know “Division 7A” and all its implications. We explain more about this tax integrity measure.
And, if applicable to your situation, there’s an R&D Tax Incentive deadline approaching that we can help you prepare for. But if you’ve decided to sell off your business, be aware that there are a myriad of loose ends to tie up. We run through all that you’ll need to take care of — and even provide a handy checklist.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)