Directors need to apply for their director identification number (director ID) by 30 November 2022. If you have a corporate trustee for your self-managed super fund (SMSF), then you’re a company director, and need a director ID. Not sure if you need to apply? You can check if you need a director… Read More »Director ID Deadline is approaching!
Individual tax returns for financial year ending 30/6/2022 are now able to be processed and lodged with the ATO. If you are ready to complete your tax return, please reach out to a member of the Arum Team to begin this process! If you are still preparing your information there… Read More »Individual Tax Returns
From 1 July 2022: the National Minimum Wage has increased by $40 per week, which amounts to an increase of 5.2% award minimum wages have increased by 4.6%, which are subject to a minimum increase for adult award classifications of $40 per week and based on a 38-hour week for… Read More »Minimum Wage and Award Increases
From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is paid is being removed. You only need to pay super for workers under 18 when they work more than 30… Read More »Changes to Super
From cost of living to small business digitalisation, here are the nine budget measures you need to know. IN BRIEF Deficit of $78 billion for 2022-23 Net debt predicted to increase to $865 billion by June 2026 GDP growth forecast of 3.5% for 2022-23 Handed down on 29 March, the… Read More »Snapshot of the Federal Budget 2022-23
On 11 May 2021, as part of the 2021–22 Federal Budget, the Australian Government announced it will make changes to the First Home Super Saver (FHSS) scheme to increase the contributions that can be counted towards the maximum releasable amount to $50,000 and improve the operation of the scheme. Increase the… Read More »First Home Super Saver Scheme – increasing the maximum releasable amount to $50,000 and technical amendments
Chris and Charity have put together a webinar to discuss what a trust is, and what advantages and disadvantages it may have for your business. If you wish to discuss in more detail how a trust may fit in with your situation, please reach out to a member of the… Read More »The Benefits of a Trust
The tax treatment of non-fungible tokens follows the same principles as cryptocurrencies. A non-fungible token (NFT) is a unit of data stored on a digital ledger. NFTs are unique and therefore are not interchangeable. You can use an NFT to represent an ownership interest in any tangible or intangible asset,… Read More »Tax treatment of non-fungible tokens
From 1 July 2021, super fund members can re-contribute amounts they withdrew under the COVID-19 early release of super program without those contributions counting towards their non-concessional contributions cap. These contributions can be made between 1 July 2021 and 30 June 2030. COVID-19 re-contribution amounts are not a new type… Read More »Re-contribution of COVID-19 early release super amounts
Chris recently joined with Charity Bru, the head of SMSF at our partner, Rivkin, to present a webinar on Self Managed Superfunds and how you can invest in cryptocurrencies with your self managed superfund. Please watch below, and if this is of interest to you, please contact a member of… Read More »Cryptocurrency and Self Managed Super Funds