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ATO – General Interest Charge (GIC) or Penalty Remission
The ATO is on the warpath and is certainly not afraid of trying to raise some extra revenue lately.You may have recently been imposed by the ATO with General Interest Charges or Penalties due to personal circumstances for late or outstanding lodgments or possible late...
ATO targets SMSF property schemes – again
Once again, the ATO has targeted SMSF property development schemes that divert profits of a property development project to a SMSF. This time, the focus is on using a special purpose vehicle (SPV), which the SMSF directly or indirectly owns.It appears that some SMSF...
When Can I Access my Superannuation?
In Australia, the age at which you can access your superannuation (retirement savings) depends on your "preservation age." The preservation age is the minimum age at which you can access your superannuation, provided you have met a condition of release.Your...
Understanding Your ATO Notice of Assessment and the Impact on Your Finances
Understanding your ATO notice of assessment can change how your tax is calculated. A Notice of Assessment is generally issued to us individually by the ATO when we lodge, and the ATO ultimately processes our individual income tax return. Recently, the ATO confirmed...
Understanding Loan Terms and Conditions
At Financially Sorted, we understand that loans can be a valuable financial tool. You can’t live with them or without them. They provide individuals and businesses with the necessary funds to achieve their goals. However there can be several problems associated with...
The Importance of Lodging a Tax Return: Benefits & Financial Responsibility
It’s that time of year again when your 2022 income tax return must be lodged. At Financially Sorted, our expert accountants with many years experience always will make sure you fulfilling your tax obligations. We are here to show the importance of lodging a ta return,...
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