From 1 July 2022, employers will need to pay super for their employees who are under 18 years old if they work more than 30 hours in a week.
tax law
Carter court case most important since Bamford
In possibly the most significant trust tax case since Bamford (2010), the High Court has held that the attempt to undo, by means of an “after the event” disclaimer, the tax consequences of a default distribution clause of a discretionary trust was ineffective for taxation purposes.
Superannuation member benefit vs death benefit
When there is no tax dependent to receive a member’s superannuation death benefits tax-free, a potential tax saving strategy is to withdraw their entire super benefits prior to their death. The money then becomes their ‘personal asset’ which can be distributed tax-free to any non-tax-dependants such as the member’s independent adult children.
Can an SMSF claim travel expenses for a property?
Can trustees claim a tax deduction for their air fare to the Gold Coast for their holiday because their self-managed superannuation fund just so happens to have an investment unit up there?
What is a ‘fixed trust’ and why do I need to know?
Whether a trust is a fixed trust or not has significant taxation implications. In relation to tax losses, if the trust is not a fixed trust it will have more stringent tests to satisfy before the tax losses can be claimed as a deduction. In relation to superannuation taxation, if a super fund invests in […]