Top Manoora QLD 4870 Superannuation - Self Managed & Funds
clx2lbqbo000j08l9eniu8vza Early access to super for dental work
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ATO statistics have shown a steep rise in the dental subcategory of medical expenses for the compassionate release of super, leading to the Dental Board of Australia raising their concerns regarding dental practitioners encouraging patients to access super in order to fund their dental care.
clwu9dexa000b08l6578sdq1v Div 7A loans: minimum repayments
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As the end of the financial year approaches, along with the company lodgment date, now is the time for the decision-makers of private companies to ensure that arrangements are made for loans to shareholders and associates to be repaid before the company lodgment date, or alternatively, to ensure that complying loan agreements are in place. This avoids the application of Div 7A, which captures payments such as loans to shareholders and associates and treats them as unfranked dividends.
clwk9gujn000n08l45vef3ff0 Get ready for tax time 2024
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The end of the financial year is fast approaching and with that, tax time 2024 is kicking into gear. As with previous years, the ATO has flagged three primary areas where taxpayers frequently make mistakes. These consist of incorrect claims of work-related expenses, inflated rental property claims, and the omission of income from tax returns. The ATO recommends that taxpayers not lodge too early, and instead wait until the end of July or later to lodge, to avoid having their returns flagged as incorrect by the system.
clwaa0jjc001c08jr8t7fhewj Federal Budget 2024: Business Measures
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Treasurer Jim Chalmers has handed down the 2024-25 Federal Budget. The major tax-related measures concerning small to medium enterprises (SMEs) and businesses announced in the Budget include: the extension of the instant asset write-off for small businesses; changes to the foreign resident CGT rules; extension of energy relief payments to small businesses; Future Made in Australia tax incentives; extension of the BAS notification period; more funding for the ATO; the extension of existing ATO compliance programs; and funding for the new Administration Review Tribunal.
clw08opyi000c09jv4s5cdofb ASIC warns consumers to beware of cold callers
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ASIC has issued a warning to consumers to remain vigilant against high-pressure sales tactics and deceptive online advertisements used by certain cold calling operations to offer unsuitable superannuation switching advice. It has expressed particular concern about these practices, noting that individuals aged between 25 to 50 - the primary targets of these operations - are at risk of significant retirement savings depletion due to a combination of reduced super value owing to unsuitable investments, excessive fees, and/or other charges.
clvq8qzjj000b08jz3mmjeoik Navigating complexities of crypto investments: SMSFs
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The digital currency landscape continues to be treacherous terrain for Self-Managed Super Fund (SMSF) trustees, with a growing number of reports indicating significant losses due to a variety of factors, including scams, theft, and collapsed trading platforms. The ATO is urging trustees to educate themselves on the potential pitfalls of crypto investing, including the fact that many crypto assets are not classified as financial products. This means that the platforms facilitating their trade often lack regulation, increasing the risk of loss without recourse.
clvg9axsm000h08jxcdr5359z Trust reporting changes from 1 July 2024
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Trustees and beneficiaries should be aware that reporting changes as part of an ATO Trust Administration Systems project will be occurring from 1 July 2024. From the 2023-24 income year and onward, four new capital gains tax (CGT) labels have been added into the trust tax return statement of distribution which trustees will need to be aware of. In addition, a new schedule will also be introduced for all trust beneficiary types, and new data validations will be added.
clv68yqgs000b08jv5ui6cuje Old ATO debts: IGTO weighs in
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ATO’s recent actions to activate debts, some decades old, and either offsetting them against tax refunds or issuing demands to pay from taxpayers have caused considerable angst among many. In light of this, the Commonwealth Ombudsman/ACT Ombudsman, and the Inspector-General of Taxation and Taxation Ombudsman (IGTO) have jointly issued new guidelines aimed at improving how Australians are notified about government debts to ensure that the process of debt notification is handled with transparency, clarity and sensitivity towards impacted individuals.
cluw8slsx000h08l69308hcxw Get ready for FBT time
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The start of April signals the approach of FBT lodgment time. With the landscape of FBT evolving every year due to legislative amendments and administrative updates, employers need to be mindful of the changes applying for the current FBT year. For the 2023-24 FBT year, 25 May 2024 is the deadline for employers to lodge returns and pay any associated liabilities. However, employers that lodge FBT returns electronically through tax practitioners will have access to a deferred due and payment date of 25 June 2024.
clum80x99000b08l141ya58xk ATO’s use of small business benchmarks
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The small business benchmarks used by the ATO for various purposes, including identifying business which may be avoiding their tax obligations has been updated for the 2021-22 income year. The benchmarks consist of 9 broad categories covering accommodation and food; building and construction trade services; education, training, recreation and support services; health care and personal services; manufacturing; professional, scientific and technical services; retail trade; transport, postal and warehousing; and other services.
cluav397h000b08la3utk9311 Rental bond data matching program continues
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The ATO has announced that it will continue rental bond data matching to the 2025-26 income year. This program first commenced in 2005, collected data dating back to 1985 and has continued since then. According to ATO estimates, records relating to around 900,000 properties will be obtained each financial year. This data will be used to identify under-reporting or non-reporting of income in tax returns, the misapplication of CGT provisions leading to under or non-reporting in relation to sale of properties, and non-compliance with foreign investment laws.
clu28nk5y000j08l52k0lbyx7 ATO concerns over Div 7A
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Division 7A of the ITAA 1936 was originally introduced as a way to uphold the integrity of the tax system by ensuring the fair taxation of transactions between private companies and their stakeholders. As it is such a complex area, the ATO is working in partnership with tax professionals in 2024 to raise awareness of common errors and issues identified. These include keeping adequate records, properly accounting for and reporting payments as well as the use of company assets by shareholders and associates, and complying with rules around Div 7A loans.
clt88jn19001g08jr8fbug6ub SBSCH and SMSF bank account validation
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To safeguard retirement savings held in SMSFs from fraud and misconduct, the ATO is rolling out new security features. One soon to be implemented feature consists of checking for a match between an employee’s SMSF bank account details and the SMSF record when electronic payments are made via the Small Business Superannuation Clearing House (SBSCH). Where there is a mismatch, SBSCH cannot accept payments to an employee’s SMSF until the error is resolved.
clsy8d5aq000d08leehw61e23 Australia’s love affair with SMSFs continues
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Establishing a self managed superannuation fund (SMSF) offers a variety of benefits, so it is perhaps no surprise that in the latest data released by the ATO, the number of SMSFs in Australia continues to grow as more people seek to take advantage of control and flexibility offered. However, taxpayers seeking to establish SMSFs should also be aware of the challenges and considerations that can significantly impact these funds’ suitability for individual retirement planning, such as the complexity and responsibilities involved.
clso8fkfq000b08l6dqdoehkz FBT electric vehicle home charging rate
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With the rise in businesses purchasing EVs for the use of their employees, the ATO has finalised its guidelines setting out the methodology for calculating the cost of electricity when an eligible electric vehicle is charged at an employee’s or an individual’s home. The rate of 4.20 cents per km has been listed as the appropriate figure and will apply from 1 April 2022 and later FBT years. To use this rate, employers will need to keep a record of the distance travelled by car and a valid logbook must be maintained if the operating cost method is used.
clse7g7dw001o08jz0a8j7ows Tackling offshore tax evasion
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With the revelation that an increasing number of ordinary professional Australians are turning to establishing offshore companies as a way to decrease the amount of tax paid in Australia, the ATO has warned against the move and is using the many tools available to it to tackle the problem before it becomes established. This includes using advance data analytics to identify and cross-reference information from various sources, actively participating in the exchange of tax information with various countries and gathering information through multi-agency taskforces.
cls47y7or000b08ju9hcagvik Stage 3 tax cuts vs proposed changes
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With the government finally caving into pressure to change the stage 3 tax cuts despite previous promises to keep the already legislated measure, new proposed tax rates have been flagged to come into place from 1 July 2024 which largely benefits those earning less than $45,000. The government will now be starting a campaign to win support for these proposed changes from various senators to ensure amending legislation is introduced and passed before 1 July 2024 when the original stage 3 changes were due to apply.
clrk7xow9000f08jscdb71310 Employee vs contractors: new rules
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Following two prominent High Court decisions which dealt with the distinction between employees and independent contractors, the ATO has sought to provide guidance to businesses in the form of a Taxation Ruling. The most significant departure from its previous position is that the ATO now considers that various indicia of employment identified in case law, while relevant, should only be considered in respect of the legal rights and obligations between the parties, with the most important factor the holistic consideration of the contract between the parties.
clq676u4u000q08jx2vxp90sf ATO areas of interest for the coming year
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As 2024 approaches, the ATO has highlighted three areas of focus for businesses which will persist into the new year. These include steps to address cyber security and increased protection of personal data, addressing the growth in the collectable debt book particularly for small businesses, and improving overall tax performance and stamping out the shadow economy. The takeaway message for businesses, especially small businesses, for the coming year is to be proactive and engaged with the ATO in terms of any unpaid tax or super debts and securing their data.
clpw7a0y4000b08lb3knhdtoz Holiday homes not genuinely available for rent
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Owners of holiday homes should be aware that deductions may not be able to be claimed where a property is not genuinely available for rent. Factors that may indicate a property is not genuinely available for rent may surprise, and could include “unreasonable or stringent conditions” placed on renting out the property, such as “no children” and “no pets”. In instances where there is a short-term accommodation restriction by the State or Local government for part of the year, or where the owner uses the property for personal purposes for part of the year, expenses may have to be apportioned.
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TNQ Financial Planning Quick Info
Services
Financial advice
Financial planning
Retirement planning
Investments strategies (strategic asset allocation and goals based investing)
Budget and cash flow management
Debt management (including borrowing for personal and investment purposes)
Salary packaging
Superannuation strategies
Personal and group insurance (life cover, disability, income protection and trauma)
Centrelink and other government benefits
Aged care
Ongoing advice and services, including regular portfolio reviews
Managed investments
Self-managed superannuation funds (SMSF)
Deposit and payment products (for example term deposits, cash management accounts and non-cash payment products)
Standard margin loans
Retirement income streams, including pensions and annuities
Life investment products including whole of life, endowment and bonds
Securities (including listed securities)
Exchange traded funds and listed investment companies
Arranging for listed securities, shares and debentures to be bought and sold via a platform and broker
Investor directed portfolio services
Limited selection of investment guarantees
About
Since 1986, TNQ Financial Planning has been providing financial solutions for clients in Cairns and the surrounding Far North Queensland region. Our financial planners are authorised representatives of Charter Financial Planning (CFP), and we offer a wide range of financial services at our professional practice in Cairns. We provide sound advice and planning on insurances, investments superannuation and retirement strategies. We also provide ongoing monitoring and reviews to ensure your financial goals remain on track. The products we can advise on include direct shares, master trust products, hedge funds, personal and group insurances, margin lending facilities, retail and wholesale-managed investment schemes. Whether you require assistance setting up a self-managed super fund (SMSF) or a structured savings plan, we provide personalised, carefully planned strategies to assist you in reaching your goals. Contact us for investment advice and financial planning solutions in Cairns, Atherton Tablelands, Mossman, Innisfail, Tully and Cardwell.
S
Samantha
8 years ago
Highly recommend calling TNQ Financial planning - They have been very helpful, have a wealth of knowledge and experience. I got a lot of handy advice from them, they were very approachable and would highly recommend them to anyone for financial advice.
2/608 Bruce Highway, Woree QLD
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H&R Block Smithfield QLD Quick Info
Services
Individual Tax Returns
Partnership Tax Returns
Tax Returns For Share & Property Investors
Late & Multi Year Tax Returns
Amendments To Prior Year Tax Returns
US Expat Tax Returns
Second Look Assessments
ATO Audit Assistance
Under 21 & Full-Time Students Under 25 Special Offer Tax Returns
Business Services
Business Activity Statements
Bookkeeping Services
Financial Statements
ABN Registration
Company Tax Returns
Self-Managed Super Fund Tax Returns
Sole Trader & Contractor Tax Returns
Deceased Estates
Income Tax Services
BAS & GST
About
Situated in the vibrant suburb of Smithfield, QLD, H&R Block Tax Accountants is the go-to destination for all your financial needs. Nestled in the Campus Shopping Village, just off McGregor Road, our dedicated team of qualified accountants and professional staff are available year-round to assist you. Whether you prefer face-to-face meetings in our office or convenient remote options via phone, email, or drop-offs, we've got you covered. With fees starting from an incredible £169*, including special rates for under 21s and full-time students under 25 from £79, we ensure exceptional value for money. Independently owned and operated by Cairns Better Business Consultants Pty Ltd, trading as H&R Block Cairns, we guarantee a personalised and reliable service you can trust. Don't miss out on this exclusive offer! *This office is excluded from the £99 Streamline package. Choose H&R Block Tax Accountants for a stress-free financial experience that exceeds expectations.
Shop 21/5 Faculty Close, Smithfield QLD
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Millar Teitzel Quick Info
Business & Personal Accounting Services
Management Reports
Cashflow Forecast
Feasibility Analysis
Services
Business & Personal Accounting Services
Management Reports
Cashflow Forecast
Feasibility Analysis
Corporate Secretarial
Payroll
Self Managed Superannuation Funds
BAS Preparation
Audit & Assurance
Reliable Taxation Solutions
Goods and Services Tax (GST)
Fringe Benefits Tax & Salary Packaging
Capital Gains Tax
Small Business Entity Tax Concessions
Business Advisory
Business Evaluation
Succession & Estate Planning
Financial Reports & Reporting
About
Accountants and business consultants
Office 6/81 Byrnes Street, Mareeba QLD
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