Current as of 23 March 2021 Following on from previous editions of S&W Insight we are continuing to ensure our clients and associates know what we can do. With the continued bolstering of the capability in the firm, you may not be aware of services that we can provide, should you have the need. This month it is Valuations. … 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
Getting ready for General Purpose Financial Statements
Current as of 26 February 2021 In our December 2020 newsletter, we advised that for-profit private sector entities currently producing special purpose financial statements (SPFS) will have to prepare general purpose financial statements (GPFS) from 1 July 2021 (ie for years ending 30 June 2022). GPFS will be required for all for-profit private sector entities that: are required to … Read More
February 2019 Newsletter
Current as of 28 February 2019 Volume 135 Superannuation guarantee contributions amnesty – an update Back on 24 May 2018, the government announced a one-off opportunity for employers to self-correct past outstanding or unpaid superannuation guarantee (SG) without penalty. To date the Amnesty bill has not been enacted and, with the election coming up and the possibility of a … Read More
Choosing a Structure in a Foreign Country depends on the after tax result in the Australian Investor’s hands. Here’s why!
CURRENT AS AT 23 December 2020 When we refer one of our Australian clients to an international colleague, the first step in the engagement is often to choose the foreign structure that gives our client the optimal outcome. Several factors must be considered, but the global tax outcome is always one of the most important. Understanding the global … Read More
Corporate Tax Residency Update
CURRENT AS AT 23 December 2020 In a previous article, we covered the impact of the Bywater case, as well as the ATO’s response to the case, on the determination of corporate tax residence. On 6 October 2020, the government announced that it will make technical amendments to clarify the corporate residency test in order to return the treatment … Read More
Covid19 in Australia
CURRENT AS AT 23 December 2020 Due to our natural resources, weather, history and prosperity, we like to refer to our country as “the lucky country”. While the current pandemic has brought its share of tragedies and certainly made it a very difficult year, compared to much of the world our luck has continued to be better than most. … Read More
How do I know if I have carry forward concessional contributions to use this year?
CORRECT AS AT 16 December 2020 We often get the question from clients as to whether they can catch up concessional contributions that they did not maximise in past years. Depending on your concessional contribution history since 1 July 2018 and whether your total super balance is less than $500,000 as at 30 June the preceding year, it is … Read More
No more Special Purpose Financial Reports – SME’s will now have some new rules to follow!
Current as of 16 DECEMBER 2020 There are some major changes being made to the way financial statements are to be presented, which will have a big effect on small to medium sized entities. You need to prepare now for the changes that come into effect next year. Below you will see who the new rules effect. Are you … Read More