Regulations Provide Exit Path for Legacy Super Income Streams Self-managed super fund (SMSF) members with legacy lifetime, life expectancy, and market-linked superannuation income stream products—typically established before 20 September 2007—now have a long-awaited opportunity to exit these restrictive arrangements. However, careful planning is essential to maximize the benefits of the recent regulatory changes. New regulations, […]
Australia’s superannuation system is a cornerstone of retirement planning, designed to provide financial security in later years. However, the taxation of superannuation can seem complex. To clarify, the Australian superannuation system follows a TTE (taxed, taxed, exempt) model, meaning contributions and investment earnings are taxed, while withdrawals in retirement are generally tax-free. Key Taxation Points […]
The Australian Taxation Office (ATO), in collaboration with the Serious Financial Crime Taskforce (SFCT), has issued a strong warning to businesses against fraudulent GST refund schemes. While tax minimisation strategies can be legitimate, it’s critical to avoid arrangements that could lead to serious legal and financial consequences. GST Fraud: What You Need to Know The […]
The Australian Taxation Office (ATO) has announced its key focus areas for small businesses in 2025. Understanding these priorities will help ensure your business stays compliant and avoids unnecessary scrutiny or penalties. 1. Keeping Business and Personal Finances Separate The ATO is reinforcing the importance of separating business and personal finances. Using company funds for […]
From 10 June 2025, significant regulatory changes will take effect for Buy Now, Pay Later (BNPL) services, enhancing consumer protections and aligning BNPL with traditional credit products like credit cards. Previously, BNPL services operated outside the National Consumer Credit Act, leaving a gap in consumer protections. However, under new laws passed in late 2024, BNPL […]
As Australia faces another summer of unpredictable weather, natural disasters such as fires, floods, earthquakes, and cyclones can bring significant upheaval. While your focus will rightly be on recovery and rebuilding, it’s also important to understand the tax implications of any assistance payments and insurance payouts you receive. Are Insurance Payouts Taxable? The tax treatment […]