Blended families, superannuation and death benefits – what you need to know

Are you in a blended family relationship?  If you answered “yes” to this question, read on. By way of an example, let’s say that you are now in a relationship where you have children from a previous relationship and your partner, spouse or de-facto has children from his/her previous relationship. With regard to your superannuation […]

Do you own an Investment Property?

From my experience as a Chartered Accountant and Certified Financial Planner many property investors do not claim all the tax deductions they are entitled to. To assist you to legally minimise your taxation liability this year I have prepared a comprehensive list of tax deductions. Rental property expenses; Advertising for tenants Bank charges Body corporate […]

Have you lodged your tax returns? Are you on the Commonwealth Electoral Roll?

The ATO will acquire details of registered voters on the Commonwealth electoral roll from the Australian Electoral Commissioner. This data will be collected on an ongoing basis and is refreshed every three months. The data items that will be obtained are personal details of: Name of the registered voter. Their residential address. Sex of the […]

Does your Self Managed Superannuation Fund (SMSF) invest in Artwork or Collectables?

Collectables and personal use assets include artwork, jewellery, vehicles, boats and wine. Investments in these assets must be for genuine retirement purposes. That is, investments in superannuation funds must satisfy the “sole purpose test”. The sole purpose test is a test that ensures that a superannuation fund is maintained for the purpose of providing benefits […]

ATO Targets Self Managed Superannuation Fund’s (SMSF’s)

Beware, the ATO’s current focus is on ensuring that SMSF’s are complying with the SIS Act and Regulations. The ATO are scrutinizing the following: 1. Individuals who have SMSF’s with poor personal tax lodgement history. 2. Individuals with SMSF’s that have little or no income. 3. SMSF’s with overdue Annual returns. 4. Breaches reported in […]