Binding Death Benefit Nomination(BDBN)

A BDBN is a legally binding nomination given by a member to the trustee(s) of their super fund which imposes a duty on the trustee to pay their death benefits in accordance with their wishes specified in the notice. In the absence of a valid BDBN, the trustee(s) of...

Tax Deductibility of Finance Advice

Fees paid for obtaining investment advice may or may not be tax deductible. For these fees to be tax deductible the expenditure must be incurred in gaining or producing assessable income. If the fees are not related to a specific investment producing assessable income...

Instant Asset Write Off

From 12 March 2020 until 31 December 2020 the instant asset write off : threshold amount for each asset is $150,000 (up from $30,000)eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from...

Single Touch Payroll (STP) Reporting

All employers need to report their payroll information to ATO through STP. However if you are a small employer with 19 or fewer employees and have payees directly related to the business (also known as closely held payees) you don't have to report payments to them...

Deadlines for early release of Super

If you have been adversely financially affected by COVID-19, you may be able to access some of your superannuation early. You may be able to receive your money before Christmas 2020 if you submit an application online before 11 December 2020. To be eligible, a...

Extension of JobKeeper

JobKeeper Extension 1 will run from 28 September 2020 to 3 January 2021. JobKeeper Extension 2 will run from 4 January 2021 to 28 March 2021. To be eligible you will have to prove that your actual GST turnover has declined in the applicable quarter relative to a...

Paying Superannuation Guarantee

You will have to pay super guarantee for employees if you pay them $450 or more in salary or wages (before tax) in a calendar month. The general super guarantee minimum percentage remains at 9.5% for the period 1 July 2020 to 30 June 2021. You have to pay...

Capital Gains Tax Changes

Australian living overseas have generally been able to claim a full or partial capital gains tax exemption on the family home. From 1 July 2020, if you are a foreign resident for Australian tax purposes at the time you dispose of your residential property in...

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Address: Suite 511,
5 Celebration Drive,
Norwest Business Park,
Baulkham Hills NSW 2153

Phone: (02) 8883 0133

Postal: PO Box 7085,
Baulkham Hills NSW 2153

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