February 2023 Newsletter

Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.

This month we look at:

  • Missing the director ID deadline: For those who have missed the deadline to obtain a director ID, you can still apply!  However, an extension of time application form will need to be completed first. Although the deadline may have been missed, the ATO says it will take a reasonable approach with directors who are trying to do the right thing.
  • ATO’s new year resolutions: Whether your side-hustle has crossed the line into a business, keeping good business records, and determining whether the personal services income rules apply to you…are just some of the issues that the ATO says will be on its radar as we head into 2023.
  • Using your SMSF property upon retirement: Many SMSF trustees wonder if they can live in their SMSF property once they retire. This is a common question particularly as property is such a popular SMSF investment. The answer is that the rules in this area are quite restrictive.
  • The importance of cashflow forecasts: Cashflow is one of the leading causes of small business failure. To this end, a Cash Flow Forecast is a crucial cash management tool for operating your business effectively – tracking the sources and amounts of cash coming into and out of your business.
  • ATO finalises section 100A guidance for family trusts: For those who operate their affairs through a family trust, the ATO has released its final guidance on how section 100A applies to distributions. In light of this guidance, there are various risk-management options on the table for distributions moving forward.
  • Reduction in downsizer eligibility age: The eligibility age for downsizer contributions reduced from 1 January 2023. This means if you are age 55 or older, you could invest the proceeds of the sale of your family home to your superannuation outside of your standard contribution caps.

Click here to read the Rose Partners February 2023 Newsletter.

If you would like to discuss anything raised in the newsletter, please contact our Team.

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