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Public Accountants Registered Tax Agents | Covid-19 Reopening

Tag: Australian Taxation Office

Why You Shouldn’t Dip Into Your SMSF for Christmas

The festive season is a time of joy and giving, but it can also bring financial stress. 

With the added pressure of bills and buying presents, some SMSF (Self-Managed Super Fund) members may consider accessing their superannuation early to ease the strain. While this might seem like a quick fix, dipping into your SMSF outside of strict legal conditions is not only prohibited but can lead to severe financial and legal consequences.

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Determining Your Tax Residency – A Guide For Overseas Australians

Many Australians dream of moving overseas for a short-term adventure or a permanent lifestyle change. For some, the move is meticulously planned; for others, it’s a spontaneous leap into the unknown.

Regardless of the reason, leaving Australia can lead to many questions about tax, superannuation, property, and even Medicare.

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Understanding Closely-Held Employees & Small Business STP Reporting

Small businesses, especially family-run ones, require careful attention to payroll for closely held employees, such as family members, directors, and shareholders. 

The Australian Tax Office (ATO) mandates that all employers adhere to Single Touch Payroll (STP) reporting requirements regardless of the employee’s relationship to the business. 

However, small businesses with fewer than 19 employees have some flexibility in how they meet these obligations. In many cases, small businesses may also have closely-held employees 

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