Loans to members continue to be the highest reported contravention of the superannuation laws that the ATO sees in auditor contravention reports. Self-Managed Super Funds (SMSF) trustees should remember that they cannot loan money or provide other forms of financial assistance to a member or relative, and if they do, they can incur a penalty…
Year End Staff Parties With the holiday season underway, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT and ‘entertainment’Under the FBT Act, employers…
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…