The problem when the evidence doesn’t match what the taxpayer tells the ATO – A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. In this case, a piece of heritage farmland was initially bought for $1.6 million and later sold...Read More

In the latest advisory from the ATO, Solomons Accountants & Advisers reminds you that simply labelling a worker as an independent contractor in an agreement doesn’t automatically classify them as such for tax and superannuation purposes. It’s important to understand the true nature of the working relationship to determine the correct classification. When a written...Read More

The allure of property investment, coupled with the appealing 15% tax rate during the SMSF accumulation phase and the potential for tax-free retirement, greatly motivates many SMSF trustees to consider property development for substantial returns. This article delves into the advantages, challenges, and common issues associated with this investment approach. An SMSF can invest in...Read More

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. Following considerable discussion, the Australian Government has announced changes to the planned Stage 3 tax cuts starting from 1 July 2024. As a result of these amendments, a larger number...Read More