Newsletter

BEWARE OF SMSF PROMOTER SCHEMES

Be on the lookout for promoters who provide misleading and false advice on accessing your super early. The sole purpose of a self-managed super fund (SMSF) is to save up for your retirement savings.

21 OCTOBER 2023

• Annual pay as you go (PAYG) instalment notice (Form N) – due date for payment. Lodgement is only required if you vary the instalment amount or use the rate method to calculate the instalment.

• September 2023 monthly activity statements - final date for lodgement and payment.

Pay as you go (PAYG) instalments are regular prepayments of tax on your business and investment income. By paying regular instalments throughout the year, you should not have a large tax bill when you lodge your tax return.

The Australian Taxation Office (ATO) is reminding rental property owners to take care when lodging their tax return this tax time.

Landlords need to take extra care when lodging this year. 9 in 10 rental property owners are getting their return wrong. Common mistakes are rental income being left out, or mistakes being made with property related deductions – like overclaiming expenses or claiming for improvements to private properties.