A Happy New Year to all! Below is a link to our first tax update newsletter of the 2020 financial year. We hope you enjoy.
When a loan is paid out early, it can sometimes trigger a penalty interest charge. There are circumstances where this charge can be tax deductible, but also many instances where this is not the case. A new tax ruling teases out the likely outcomes.
This new income year is the first where an amount of concessional super contributions can be carried forward ‹ but you need to closely follow the limits. SMSFs also must be wary of boosted ATO audit activity on the back of an increase in errors due to event-based reporting.
We also look at which trading structures may best suit your new business, with regard to not only tax outcomes but funding, remuneration and liability.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.