Employers get an amnesty for missed super payments

Posted by Team AVS on 11 May, 2020 0 Comments

It has been a long time coming, but a planned government amnesty for employers who have missed paying the superannuation guarantee (SG) to their employees has now become law. The amnesty was passed on 6 March 2020, and lasts until 7 September 2020.

The amnesty allows employers to make deductible payments, without penalties, of outstanding superannuation guarantee charge (SGC) amounts if:

they relate to the period 1 July 1992 until 31 March

The new jobkeeper wage subsidy package

Posted by Team AVS on 7 Apr, 2020 0 Comments

The government announced at the end of March a further massive subsidy for businesses to help them retain employees so they are ready to get back to business when the current coronavirus issues subside. The new subsidy is called a JobKeeper payment.

The key things to note about this are:

The payment will be made to eligible employers for eligible employees. The payment will be $1,500 per fortnight per employee for a period of six month

Second Economic Stimulus Package to counter effect of Coronavirus (COVID-19)

Posted by Team AVS on 26 Mar, 2020 0 Comments

Amid fears of coronavirus and its impact on Individuals and Businesses, the Australian Government has announced the Second economic stimulus package on 22.03.2020 in order to provide relief to Australian citizens and their businesses in form of Cash flow support and various taxation reliefs.

Please find below the brief summary of key measures adopted.

Businesses

1. Boosting cash flow for employers

The Government is providing up to $10

Selling taxable Australian property? You may need a clearance certificate from the ATO

Posted by Team AVS on 20 Mar, 2020 0 Comments

If an Australian resident is considering selling property, they should apply for an ATO clearance certificate. If a property vendor does not apply for a clearance certificate and present it to the purchaser, the purchaser is required to withhold 12.5% of the purchase price for CGT purposes on properties that have a market value of $750,000 or more.

The legislation, which applies from 1 July 2017, aims to make sure foreign resident property ven

New rules for salary sacrificing to super

Posted by Team AVS on 10 Mar, 2020 0 Comments

For some employees, sacrificing part or all of their salary to a complying superannuation fund is a great way to boost retirement savings. But two recent changes may affect your obligations as their employer.

These changes, effective from 1 January 2020, relate to how you work out your superannuation guarantee (SG) obligations when an employee makes super contributions by salary sacrificing. The changes are:

The amount your employee sacr

Transparency Of Tax Debts

Posted by Team AVS on 2 Mar, 2020 0 Comments

A new law allows the ATO to report tax debt information to credit reporting bureaus in certain circumstances. What could this mean for clients with outstanding debts?

Affected Taxpayers

Taxpayers whose information may to be disclosed to CRBs must be within the class of entity declared in a legislative instrument made by the Treasurer. Having a legislative instrument as the implementation vehicle (rather than legislation) gives t

SMSF obligations when members are overseas

Posted by Team AVS on 21 Feb, 2020 0 Comments

To be a complying fund and receive the tax concessions we all associate with super, an SMSF – like all superannuation funds –must be classified as an Australian superannuation fund. Yet this definition becomes more complicated to meet when SMSF members move overseas. When this happens, trustees need to know what, if any, action they need to take to make sure their fund remains compliant.

Legislative Background

Section 42 of the Superann

What you need to know about the First Home Super Saver Scheme

Posted by Team AVS on 3 Feb, 2020 0 Comments

The First Home Super Saver (FHSS) scheme was introduced a couple of years ago with an aim to reduce pressure on housing affordability. The scheme allows eligible taxpayers to save money for their first home inside the superannuation system. The government says this concessionally taxed environment will help first home buyers save faster.

How it works
Under the scheme, a taxpayer can make voluntary concessional and non-concessional contributio

Accessing your payment summary or income statement

Posted by Team AVS on 21 Jan, 2020 0 Comments

How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or income statement) depends on how your employer reports your income, tax and super information to ATO. You will be provided with either:

An income statement – if your employer reports your income, tax and super information to us through Single Touch Payroll (STP) they are no longer required to give you

Trust distributions from a discretionary trust

Posted by Team AVS on 7 Jan, 2020 0 Comments

TRUST

The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets. A trust is not a legal entity. It is best described as a legal “relationship” that is controlled by the trustee of the trust under the terms of the trust deed.

TRUSTEE

The trustee is the controlling mind of the

AVS Business Services have been our Accountant for couple of years now. This technical expertise coupled with personalised service is an excellent combination. I would happily recommend them to anyone looking for an accountant.

Atul Narang Designworxz Australia Pty Ltd

“I was looking to move away from accounting on spreadsheets so that I could have better control over my business. AVS Business Services looked in detail at my accounting needs and helped me choose the solution that is best for me. I am very pleased with the inputs I receive from them on a regular basis and would recommend their services to anyone without hesitation”

Deepak Kumar Director, D.S Webtech Pty Ltd

"AVS Business Services have been looking after our SMSF and our family’s tax affairs for a number of years. Their experience, professionalism and knowledge is of the highest order.Their personalized service and depth of understanding in setting up and managing a SMSF is excellent. They are also happy to go out of their way to assist in every way no matter how small it is."

We would be happy to recommend their services.

Glenn & Andrea Bouche SMSF Trustees

"We've utilised the services of AVS Business Services for a few years now and can honestly say the team of AVS have always provided excellent service on a personal and business level. Nothing is too much trouble and they're readily available to assist at the drop of a hat. Their service sets them apart from previous accountants worked with. We would definitely recommend their service to anyone looking for an accountant.”

Aaron & Linda Henry A.B Henry Pty Ltd

Being a layman with Tax and Accounting and new to Australia, I was looking for a professional and efficient tax accountant who can also help me understand the tax structure here and show some avenues to save money.I was recommended to AVS through my friend and it was no looking back since then.Team at AVS are diligent tax professionals with an eye to detail. They spend time in understanding the requirements and needs of clients, ensuring it aligns with all the legal aspects.I am very pleased working with AVS and would recommend to anyone who is looking for professional, efficient and personalized tax accounting services.

Som Mukherjee IT Professional - Project Manager - Banking and Finance

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