One of the simplest but most important obligation of SMSF is ensuring that contributions from members can be accepted.
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Businesses will have another year to utilise the temporary full expensing of depreciating assets measure after it was extended to end on 30 June 2023.
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The Australian share market finished February 2022 with the S&P/ASX 200 rebounding +2.14% and seven out of eleven sectors finishing higher. In particular, the Energy sector (+8.6%) led the Index higher with Consumer Staples (+5.6%) and Materials (+5.2%) also performing well. The Information Technology sector (- 6.6%) continued its fall whilst the Consumer Discretionary sector (-5.0%) performed poorly.
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If you run a small business and are found by the ATO to have made unintentional record-keeping mistakes, you could be liable to an administrative penalty.
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Individuals aged between 67 and 75 will be able to make non-concessional and salary sacrificed contributions without the need to pass the work test or satisfy the work test exemption criteria from 1 July 2022.
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Unfortunately, for some of us, when making a decision that affects our short, medium or long-term financial wellbeing, a behaviour gap can arise
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Businesses that need a little more financial help will have one last opportunity to claim the loss carry back in their 2021-22 income tax return.
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Whether you dream of retiring and travelling the world, caravanning around Australia, or pottering in the garden, the question remains the same for the vast majority of us: “How much money will I need in retirement?”
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