News / SMSF Accounting News

SMSF ACCOUNTING NEWS

Latest news about SMSF accounting and taxation from Billings + Ellis, the SMSF accountants in Melbourne.

Billings + Ellis, Accountants South Melbourne

Summary of Corona Virus updates

Second stage of government stimulus package for 2020

On 22 March 2020, the Australian government announced the second stage of its economic plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. Here is a summary of key points in the government stimulus package.

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Government stimulus package

Government stimulus package offers economic remedy for 2020

In response to the impact of Coronavirus (COVID-19) on the Australian economy, the Federal government announced a stimulus package to assist Australian businesses in general and also provide extra support for some individuals. The business benefits are not automatically applied and some action is needed to claim available benefits where eligible.

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Superannuation Guarantee Amnesty

Super guarantee amnesty helps employers with unpaid SG liabilities for a strictly limited time

The super guarantee (SG) amnesty, introduced by the government on 6 March 2020, allows employers to disclose and pay any unpaid super guarantee charges (SGC) that they owe for their employees, from quarters between 1 July 1992 and 31 March 2018, with nominal interest but without risk of incurring potentially huge penalties.

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Capital Gains Tax - CGT

Australian expats lose capital gains tax exemptions

From 30 June 2020, Australian property owners living overseas will lose capital gains tax (GCT) exemptions on their main residence under legislation introduced by the Australian government.

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Business bushfire relief arrangment

Government support package for small businesses impacted by bushfire crisis

On 20 January 2020, the Australian Government announced a comprehensive support package to help small businesses that have been impacted by the bushfire crisis get back on their feet. 

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Getting prepared for EOFY 30 June 2019

As the financial year draws to a close, business owners can still take advantage of any benefits that could be available and ensure the business is in good shape for closing one financial year and entering another. Here are some specific matters to be considered in time for 30th June 2019.

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Federal Budget April 2019

2019 Federal Budget highlights in review

On 2 April 2019, the Treasurer of Australia, Josh Frydenberg, announced the 2019-2020 Federal Budget. Highlights include personal tax reductions for low- and middle-income earners, the extension of the instant assets write-off to more businesses, superannuation and social security measures to assist older Australians, and a strengthening of the ABN rules.

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Gold Coast investment property

‘Holiday over’ for investor trips to residential rental properties

An important reminder for property investors is that trips to visit residential rental properties are no longer tax deductible. There are some exceptions but individuals and SMSFs with one or more rental properties are not considered to be in the business of letting rental properties for related travel expenses incurred from 1 July 2017.

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Federal budget highlights 2018

2018 Federal Budget highlights explained

The 2018-2019 Federal Budget, handed down on 8 May 2018, focused on personal taxation, business taxation, superannuation, and measures to assist older Australians. Here, highlights are explained with tables to help calculate savings or changes to previous circumstances as the Budget 2018-2019 measures are brought into effect.
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Investment property - tax depreciation

Are you eligible to claim depreciation deductions?

If you’re the owner of an income producing property, then you are eligible to claim tax deductions for a number of expenses involved in holding the property.

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