New tax governance guide for SMSFs
The ATO has released a new tax governance guide that can be used by SMSFs. The ATO has worked with businesses to design a guide to help private groups with tax governance
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BUDGET 2016
The small business entity threshold will increase from $2 million to $10 million from 1 July 2016.
As a result, a business with an aggregated annual turnover of less than $10 million will be able to access a number of small business tax concessions
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Tax planning
There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable income.
Taxpayers should be aware that they need to start the year-end tax planning process early in order to maximise these opportunities
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ATO eye on SMSFs and income arrangements
The ATO is reviewing arrangements where individuals (at or approaching retirement age) purport to divert personal services income (PSI) to a self managed superannuation fund (SMSF) to minimise or avoid their income tax obligations.
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