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Insured in your SMSF?
Following an amendment to the superannuation regulations, SMSF trustees must from the 2012/13 year onwards, give consideration to whether the SMSF should hold insurance cover for the members. The new regulation means that trustees, who are also normally the members, must now consider insurance in order to discharge their obligations under the SIS Act.
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Employee or Contractor?
Over the past few decades there has been a clear shift away from traditional employment, and towards people acting as independent contractors or freelancing.
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ATO cracks down on the wealthy
The Australian Taxation Office (ATO) is set to crack down on wealthy Australians with lifestyle assets as part of its focus for the taxable year ahead. Entrepreneurs and private citizens with yachts and property farms that belong to private corporations but are being enjoyed for personal use will be the target of ATO.
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Changes to Superannuation Guarantee
With the new financial year under way we are reminding clients what changes have been made to superannuation and allocated pensions.
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ATO to write to 110,000 rental property owners over incorrect rent deductions
More than 110,000 property investors will receive letters from the Australian Tax Office after new data mining technology identified they may have submitted incorrect tax claims based on their 2011-12 tax returns.
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Self-managed super funds should start tax housekeeping now
With just a month to go until the end of the financial year trustees of self-managed super funds should be doing some housekeeping chores. If this is not done the fund could face the risk of paying penalty tax.
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ATO on the 'hunt' for small business
SMALL and medium businesses are being "hunted" by the Australian Taxation Office to recover outstanding debt, which will tip many businesses into bankruptcy, the head of the peak body for the $500 billion small business sector said.
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