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KSW Insight Newsletter | April 2022

KSW Insight Newsletter | April 2022

April 2022 | VOLUME 166
KSW Newsletter for our clients and associates

Are you ready for your first year of mandatory General Purpose Financial Reporting?

The ability for various for-profit entities to produce special purpose financial statements (SPFS) has been removed from 1 July 2021. Many entities are now required to produce General purpose financial statements under the new Tier 2 Simplified disclosure standards regime (SDS).

Our full article here explains what needs to be considered when you start preparing for your year end accounting and tax reporting.


Tax Planning within the context of investment

 Tax planning is a key element of wealth creation. Integration of your tax position with your investment and retirement strategy is critical as there should be a clear focus on the management of actual after-tax returns and maximisation of income.

Our article here explains how tax planning within the context of investment can enable you to divert your income to more productive activities.


What happens to my home if I became bankrupt?
 
Covid-19 has affected many businesses and unfortunately, some business have, or will, potentially fail. This can lead to the bankruptcy of the business owner. This then leads to the question – “What will happen to my home if I become bankrupt?”
 
Our full article here explains how the property of a bankrupt will be affected by a bankruptcy trustee being appointed. 


GST Withholding on New Residential Properties

Effective from 1 July 2018 any GST payable on new residential properties, or on subdivided land that is potential residential land, is now required to be paid by the purchaser to the ATO, instead of by the vendor.
 
Our full article here revisits the GST withholding regime as property transactions and GST implications can be very complicated and lead to unintentional ATO attention. 

S&W Wealth 

Tax Planning Web Event

Salary packaging, superannuation, investments and tax-deductible debt can create significant tax savings. By structuring your finances more efficiently you can manage the amount of tax you pay.

Join us on 27 April so you can learn how we work with our clients to work through the key aspects of wealth creation in relation to tax planning with quality and strategic advice.
 
Event Date: Wednesday 27 April 2022
Event Time: 12.30pm 
Run Time: 30 min plus 15 min for Q&A

REGISTER HERE


Quote

“Many of life’s failures are people who did not realize how close they were to success when they gave up”

Thomas A. Edison

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