What to consider when buying a car?

Current as of 29 April 2021 We are often asked about the best way to structure the purchase of a motor vehicle. The answer will be different for each individual or business, but the issues to be considered when making this decision is the same. To put you in the position to decide on the motor vehicle purchase, below we … Read More

Do I really need to update my fund’s trust deed?

Current as of 29 April 2021 Your superannuation trust deed along with the superannuation laws, form the governing rules that self-managed super funds (SMSFs) need to operate by. The introduction of the $1.6 million transfer balance cap (TBC) back on 1 July 2017 and new transition to retirement income stream (TRIS) rules were a ‘game changer’ for SMSFs when discussing … Read More

7 ways to protect and grow your wealth before the end of financial year

Current as of 29 April 2021 We have found when it comes to money, business owners face some common challenges: They are so focused on their business they forget to ‘throw money over the fence’ for their family. Whilst their business forges ahead their personal wealth gets left for dust. They are often under-insured, under-protected, under-diversified and under-invested in the … Read More

Can my SMSF invest in Bitcoin or another cryptocurrency?

Current as of 23 March 2021   Bitcoin, Ethereum, Litecoin just to name a few. The world of encrypted digital currency, commonly known as ‘cryptocurrency’ has been all the rage for quite some time, and most recently being the “in thing” for many SMSFs. So what exactly is cryptocurrency? In a nutshell, it is a virtual currency or online cash. … Read More

Post Jobkeeper Government Support Package

Current as of 23 March 2021   The existing Jobkeeper support program ceases on 28 March 2021. The Government has just announced a new $1.2 billion support package from 1 April 2021 to target the businesses, workers and regions still doing it tough. Whilst our economy had recovered 85% of its fall from Covid-19, the Prime Minister said the package … Read More

Are you selling a property in Australia?

CURRENT AS AT 24 January 2019   With recent changes in law there are additional responsibilities when you sell a property. As part of the conveyancing process you will now be asked to provide a capital gains withholding Clearance Certificate which declares that you are an Australian tax resident.  The Clearance Certificate notifies the purchasers that they do not need … Read More

How long do I have to keep my tax records for?

Current as of October 2017   By law, you must keep business and taxation records generally for five years from the later of when they are prepared, obtained or the transaction is completed. For those with very simple affairs you may be able to retain your records for only two years, however things are not necessarily that straightforward. Simple individual … Read More

Use of social media can open you up to a Tax Audit

Current as of April 2017   Posting images and content online showing your latest holiday or purchase seemed like a good idea at the time! Just remember who might be looking at your social media as well. The ATO has always looked at different ways to data match what taxpayers declare in their tax returns against information available from other … Read More

Are you ready for the 1 July 2017 super changes?

Current as of March 2017 Part 3: Interaction of the $1.6m pension transfer cap and death benefit payments In last month’s Part 2 of the super changes newsletter, “I have more than $1.6m in pension phase so what are my options?” http://stanleywilliamson.com.au/ready-1-july-2017-super-changes-part-2-1-6m-pension-phase-options/, we discussed the $1.6m Transfer Balance Cap (“TBC”) and “Transfer Balance Account (“TBA”). Not only does this TBC affect … Read More

Accessing your super – special circumstances

Current as of March 2017   SMSFs have strict rules on when super monies can be withdrawn from the fund, most commonly when a member satisfies a form of retirement. However, special conditions apply should a member be diagnosed with a terminal illness who are looking to access their super benefits. Terminal illness grounds A terminal medical illness exists when: … Read More