Presidio Partners

Happy New Year! We look forward to working with you again in 2025!

💡 Exploring Compassionate Early Release of Superannuation Your super is meant for retirement, but in certain situations, you may access it early on compassionate grounds to help with urgent, unpaid expenses when no other options are available. The ATO oversees these applications, which may be granted for: 🏠 Preventing foreclosure or forced sale of your home 🏥 Medical treatment or transport for you or your dependents ♿ Modifications to your home or vehicle for severe disability 🌼 Palliative care for terminal illness ⚰️ Funeral or burial expenses for your dependents Key considerations: ✔️ Funds released must cover unpaid expenses and be a single lump sum. ✔️ Contact your super fund first to confirm eligibility, check your balance, and understand fees and impacts on insurance. ✔️ Use this option as a last resort – your super is your future financial security. When faced with genuine hardship, it’s reassuring to know this support exists. 🛠️ #Superannuation #CompassionateRelease #FinancialSupport #ATO #Hardship #presidiopartners

🎉 FBT and Tax Tips for End-of-Year Parties & Gifts 🎁🎄 Planning holiday celebrations or gifting for your employees? Keep these fringe benefits tax (FBT) considerations in mind to make the season festive and tax-smart! 🎉 End-of-Year Parties On-premises during work hours: No FBT for food and drinks provided solely to employees. Off-site or with associates: Costs under $300 per person may qualify as minor benefits, exempting them from FBT. 🎁 Gifts Gifts under $300 per person (e.g., hampers, vouchers) are minor benefits and FBT-free. Gifts over this threshold might attract FBT. 👥 Including Clients Client-related costs are not subject to FBT, so invite them worry-free! 📊 FBT Calculation Methods Actual value method: Calculate entertainment costs specifically for employees and associates. 50:50 split method: Allocate 50% of entertainment expenses to FBT, simplifying calculations for mixed groups. Meal entertainment valuation: Track meal costs using the 50:50 split or 12-week method. 📌 Important Notes Recordkeeping: Maintain detailed records of costs, attendees, and calculation methods. Tax deductions and GST credits: If FBT doesn’t apply, you generally can’t claim these for event expenses. Client gifts: These are FBT-free and may be tax-deductible (if not classified as entertainment). Celebrate responsibly while keeping your tax obligations in check. A little planning goes a long way to ensuring your festivities are both joyful and compliant! #TaxTime #FBT #EndOfYearParties #HolidayGifts #BusinessTips

🎄✨ Thank You for Your Support in 2024! ✨🎄 As the holiday season approaches, we want to express our heartfelt gratitude to all our clients for your continued support this year. ❤️ Our office will be closed from Friday, 20th December 2024, and we’ll reopen on Wednesday, 8th January 2025. We wish you a Merry Christmas and a Happy New Year!! 🎅🎁✨ Looking forward to working with you again in 2025! #ThankYou #MerryChristmas #HappyNewYear #HolidayClosure

🏖️ Do You Rent Out Your Holiday Home? Here's What to Know! 🏠 If you rent out your holiday home, any rental income you receive is taxable, and you can claim expenses incurred to earn that income. However, apportionment rules apply in these situations: ✔️ The property is only rented part of the year. ✔️ You or your family use the property for part of the year. ✔️ Only part of the property is rented out. ✔️ Rent is below market rate for family or friends. 💡 Important: Expenses solely related to private use or times the property isn't available for rent (e.g., cleaning after your personal stay) cannot be claimed. 🔍 Seek professional advice to ensure your claims are accurate and comply with ATO guidelines. #HolidayHome #RentalIncome #TaxTips #ATO #presidiopartners

💼 Big News for Parents: Superannuation on Paid Parental Leave Starting 1 July 2025! 🎉 From 1 July 2025, new parents eligible for government-paid parental leave (PPL) will receive a superannuation contribution (PPLSC) to their nominated super fund as a lump sum after the financial year ends. 💰 Key points: ✅ Automatic payments: No need to claim – the ATO handles everything based on your PPL details. ✅ Eligibility: Applies to parents with children born or adopted on or after 1 July 2025. But that's not all! The PPL scheme is expanding: 🔹 22 weeks of leave from 1 July 2024. 🔹 24 weeks from 1 July 2025. 🔹 26 weeks by 1 July 2026, with 4 weeks reserved for each parent (“use it or lose it”). 🔹 Families can also take 4 weeks of PPL at the same time starting 1 July 2025. This marks a big step forward for supporting parents and their retirement savings! 🌟 📣 Plan ahead and ensure your super fund details are up to date. #PaidParentalLeave #Superannuation #ParentingSupport #FamilyCare #presidiopartners

📋 Is Your Business BAS-Ready? 📅 The next Business Activity Statement (BAS) due date is fast approaching! Here’s what you need to know: ✅ Who needs to lodge a BAS? Businesses registered for GST must lodge a monthly, quarterly, or annual BAS (depending on turnover and other factors). ✅ How to lodge: Use ATO Online Services for easy self-lodgment (plus potential extra time to lodge!). Lodge directly through your business/accounting software. Engage a registered tax or BAS agent for expert assistance (and more time to lodge!). ✅ Tips for a stress-free BAS: Keep detailed records of sales, expenses, wages, and other costs. Maintain stock take records and motor vehicle logbooks where needed. Reconcile sales with bank statements. Use the correct GST accounting method. Retain tax invoices and GST records for 5 years. 💡 Important: Even if there’s nothing to report, you must lodge a “nil” BAS on time – either online or via the ATO’s automated service. Stay prepared and avoid unnecessary stress! #BusinessTips #BAS #GST #ATO #TaxTime

Employee Overpayments: What to Do If your business discovers employee overpayments after the end of the financial year, it's important to follow ATO guidance. Here’s how to handle it: Decide on Recovery: Management should consult with HR to determine if recovery will be sought. If no recovery is pursued, keep a clear record. For Past Income Years: If recovering for a previous year, ask the employee to repay the gross amount. Adjust the STP record but don’t adjust the tax. Employees can claim the overpayment when filing their tax returns. For Current Year: Adjust STP for both gross and tax, and recover only the net amount. Superannuation: Overpaid super can offset future obligations for the same employee for up to 12 months. Clear communication with employees is key! #Payroll #EmployeeOverpayment #TaxTime #STP #ATO #BusinessCompliance

Unlocking Value: Subdividing Your Family Home’s Land For retirees who are asset-rich but cash-poor, subdividing and selling unused land can provide funds for retirement. However, it’s essential to understand the capital gains tax (CGT) implications and downsizer contribution limitations before taking action. Key points to consider: Subdividing land creates new titles, and selling a subdivided block may trigger CGT. The main residence CGT exemption may not apply to subdivided land that’s no longer part of your dwelling. Eligibility for downsizer contributions to superannuation depends on the sale of your dwelling, not vacant land. Before moving forward, seek expert advice to ensure your decisions support your retirement goals and meet tax regulations. #RetirementPlanning #SubdividingLand #CGT #DownsizerContribution #FinancialPlanning #TaxTime #ATO #taxtips #presidiopartners

APRA Quarterly Superannuation Stats: June 2024 The Australian Prudential Regulation Authority (APRA) has released its latest Quarterly Superannuation Performance report for the June 2024 quarter, and here are the key takeaways: Total superannuation assets have grown by 0.4%, reaching a staggering $3.9 trillion! The SMSF sector now holds over $990 billion of these assets. In the past year, the SMSF sector saw impressive growth of 7.5%, rising from $921.2 billion. The superannuation landscape is growing stronger – great news for retirement savings! #Superannuation #APRA #SMSF #RetirementPlanning #FinancialGrowth #June2024