In This Edition:
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.
Click here to view our July 2019 Newsletter...
Taxable Payments Annual Report (TPAR)
You may need to lodge a Taxable payments annual report (TPAR) by 28 August each year, if you're a business or contractor providing the following services:
- building and construction
An ATO supplied fact sheet on taxable payments annual reports is a handy resource: Download it here
GJB's Online Portal
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Should you require more information regarding any topic covered in our newsletter, please contact GJB on 02 9686 3130 for advice on #yourself, #yourbusiness or #yoursuper.
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Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.