smsf audit related tips

  Some companies will request that you obtain your Australian Business Number (ABN). They'll pay you a small amount, and you'll have to do your taxes.   In most cases, this is not the correct way to go. It is often done because the employer is too lazy or inefficient to manage payroll.   The first question the ABN application will ask you is "Do you own your business?"   You cannot apply for an ABN if you answer no, which is most often the case.   However, we have many people who were forced to apply for an ABN in order to receive their payments.   What happens to these earnings after the end of financial year (June)?   It must be included in your tax returns along with any other income, such as income from employment or interest, after June's end.   All your income will be added up when you file your tax return.  The tax will then be calculated based on that combined income.   If you are a full-year tax resident, and your total income i...

  COVID-19 truly has impacted all aspects of human life since early 2020. However, there are some positive changes that have come as a result of it as well. One of these include the rapid rise in the ‘retail investor’. This new term refers to novice investors who invest in their own time outside of their everyday work hours. Outside of their superannuation,   recent studies   show that 49% of all Australians own shares as of March 2021 with 13% of all Australians having invested for the first time ever since COVID-19 began. However aside from learning how to invest in Cryptocurrency, Stocks, Bonds, Real Estate or other options, investors also need to learn about the Tax implications. Visit for read more..... more information about Tax return