The ATO has reminded Self-Managed Superannuation Funds (‘SMSF’) trustees that their SMSF must be operated for the sole purpose of providing retirement benefits for its members. This means SMSF trustees can’t use funds from their SMSF to pay for personal or business expenses. This is known as ‘illegal early access’ of superannuation, and severe penalties…
It is essential these days for a business to have a website to promote their products or services. Left without guidance following the withdrawal of TR 2001/6 in 2009, business owners have treated website expenditure in many different ways. At least, this was the case until recently. The Australian Taxation Office have now issued ruling…