Understanding "tax benefit" for Part IVA avoidance Tax laws often contain provisions designed to prevent avoidance and ensure fairness. One such provision in Australian tax law is Part IVA, which targets schemes that seek to reduce tax liability in ways that the law does not intend. Understanding the Part IVA tax benefit is crucial for taxpayers, accountants, and advisors to navigate compliance and optimize tax planning within legal boundaries. This article explains how Part

P ayday Super: New Era for Employers and Employees From 1 July 2026, a significant change in the Australian superannuation landscape will come into effect, fundamentally altering how employers manage their employees' super contributions. This new regulation requires that superannuation payments be made concurrently with salary and wages. The Shift to Payday Superannuation This change is designed to provide employees with more immediate access to their superannuation benefits

Working overseas - make sure your Super Fund is an Australian Resident Fund With travel restrictions lifted, Tim’s boss requires him to relocate overseas to London to head up their London branch for an indefinite period up to 5 to 6 years.  Tim’s wife, Mary, is relocating with him together with their two children while they rent out their home in Australia.  Tim and his family may temporarily return to Australia for holidays and family visits. Tim and Mary are the only member

R eview Software Arrangements for 'royalty' payments The recently released ATO draft taxation ruling TR 2024/D1 has significant impact on taxpayers once finalised. If you have a software arrangement with an overseas provider, and:   1.    distribute or resell software in Australia 2.    pay a subscription fee for a software as a service ( SaaS ) solution 3.    are granted or have a right to use intellectual property ( IP ) 4.    sell hardware with embedded software   then rev

Are you ready to lodge your SAR by 28 February? Less than 27 days remain for SMSF trustees to lodge their SMSF annual return ( SAR ) by 28 February 2024, regardless of whether the fund has received contributions, made income payments or is in pension mode. If the SAR is more than two weeks overdue, the ATO may change the status of the SMSF to Regulation details removed. The impacts for failing to lodge by the due date are: preventing APRA-regulated funds from rolling over me