The mystical realm of self-managed super funds (SMSFs)—where financial wizards don their capes and embark on a quest for retirement gold! Fear not, noble adventurer; I shall guide you through this arcane process. Assemble Your Fellowship of Professionals:Before you leap into the SMSF abyss, consider enlisting some trusty companions: Accountant: The Gandalf of numbers. They’ll…
Let’s dive into foreign resident reporting in Australia. What is Foreign Tax Resident Reporting? Australia, like many other countries, has committed to new global standards for the automatic exchange of financial account information. Financial institutions worldwide are required by law to collect this information and report it to tax authorities. The goal is to ensure that…
Let’s unravel the mystery of superannuation for contractors. Super Contributions for Independent Contractors: If you pay independent contractors mainly for their labor, they’re considered employees for superannuation guarantee (SG) purposes. So, yes, you may need to pay super contributions for them. It doesn’t matter if the independent contractor has an Australian Business Number (ABN). ABN…
