Thank you for all your support in 2021. Merry Christmas and best wishes for the New Year. The BIT Accountants office is closed from 15 December and will reopen on 17 January 2022. BIT Accountants will be operating from new premises in 17 January 2022, at 65 Halland Terrace, Camp Hill QLD 4152. Our new…
05
Feb
Feb
SMSF contribution caps limit the amount that can be contributed for a member within a single financial year. The government indexes these caps annually. A member of an SMSF whose total contributions in a single financial year exceed the allowable contribution cap may be liable for additional tax on excess contributions. Fund-capped contributions limit for…
09
Dec
Dec
Ensuring that your SMSF annual return is lodged on time is a critical part of the obligations of an SMSF trustee. The ATO has made an important change starting from 1 October 2019. After that date, if an SMSF annual return is lodged more than two weeks after the lodgement due date and hasn’t requested…
29
Oct
Oct
It is reasonably well known that anyone who runs a self-managed superannuation fund (SMSF) must have the fund audited by a registered SMSF Auditor. A registered SMSF auditor is registered with ASIC under section 128B of the SIS Act. To qualify for registration an auditor must have satisfied the following requirements. They must hold a…
19
May
May
If you are claiming business expenses you should apply these three rules to ensure you don’t make any mistakes. The expense must be for your business and not for private use. If the expense is a combination of business and private use, you can only claim the portion that is used for your business. You…
14
May
May
Good news if you are considering the purchase assets for your business. The government has increased the instant asset write off threshold to $30,000 and extended to 30 June 2020. If you purchase new or second hand asset for your business that costs less than $30,000 and it is used or ready for use from…
13
Mar
Mar
Investment Property owners need to be aware that from 1 July 2017, you cannot claim travel expenses relating to a residential investment property. A residential property is land or a building that is: occupied as a residence or for residential accommodation intended to be occupied, and is capable of being occupied, as a residence or…
SMSF trustees are responsible for managing their SMSFs and ensuring the funds comply with relevant superannuation regulations. There are few things that are easily ignored by trustees, but those things are the key areas the ATO is focusing on. 1.Travel expenses. As per the superannuation law, the sole purpose of SMSFs is to provide superannuation…
Residency of SMSFs is critical to maintain the benefits of tax concessions. For a SMSF to meet the residency status, three tests must be satisfied: The SMSF must be set up in Australia and holds any asset in Australia; The central management and control of the SMSF must be in Australia; If there are active…
From 1 July 2014, employers with 20 or more employees cannot make superannuation contributions to employees’ super funds by cheque under a new law. The law also requires employers with less than 20 employees to comply after 01 July 2015. However, the law does not apply if the employer is related to your SMSF. As…