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When a self-managed super fund (SMSF) member dies, the SMSF generally pays a death benefit to a dependant or other beneficiary of the deceased. This should be done as soon as possible after the member’s death. Who to pay the death benefit to Nominated beneficiaries- Appointed by the deceased member. If the deceased member did…

Warning from ATO, must read below. To claim GST credits, you must be in business with an intension to make profit. If you are conducting irregular activity that generates income but no profit, that is merely your hobby not a business. GST credits cannot be claimed and need to cancel their GST registration. To know…

Are you spending on meals lavishly, just so you can claim it? ATO mentioned that they will pay extra attention to label D5 deductions this income year. Spending on meals while working different jobs are not deductable. Private ruling does highlights any uncommon situations for work-related expenses. ATO published articles reminding taxpayers to be careful…

ATO is issued warning for public to be careful of scammers imitating as ATO and taking Bitcoin as a form of payment for fake tax debts. Recent report identified new payment method introduced by scammers in late 2017, estimating to be $50,000 paid so far in Bitcoins to scammers. Over 80,000 reports of scams reporting…

On 9th May the Government announced that from 1 July 2018, taxable payments reporting system will be extended for entities supply courier and cleaning services. They need to report payment made to contractors if the payments are for courier and cleaning services. Contractors can be Sole Trader(Individual), companies, partnership or trust. Annual report need to…