Newsletter - August 2023
Welcome to the NCS Group client information newsletter, your monthly tax and super update keeping you on top of the issues, news and changes you need to know.
- Trusts - are they still worth it?
The recent ATO crackdown on trusts will not doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it? - Tax Time: Unexpected first-time debts
For the first time, many Australians are finding themselves in a position where they are being told they owe the ATO money after completing their tax return this year. - Gifting to employees
Some employers, especially at Christmas time or for birthdays, give small gifts to their employees or the employee's associates (i.e spouses). These gifts typically take the form of bottles of wine, movie tickets, gift vouchers etc. - SMSFs & higher interest rates
SMSF trustees with limited recourse borrowing arrangements (LRBAs) are now feeling the impact of ten interest rate rises since May 2022 in one hit, from July 2023. - Research & Development reminder
Find out if you are or are not eligible for an R&D tax offset. - Super withdrawal options
For individuals who have retired and met a condition of release, or who have turned 65 and are still working, you can receive your superannuation as a super income stream, as a lump sum, or a combination of both.
Follow the link below to find out more!