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Author Archives: qfp-admin

Be vigilant when transferring business premises to your Self Managed Superannuation Fund (SMSF)

Transferring your business premises to your SMSF certainly has many advantages, but in this article I would like to address some of the problems that business owners have overlooked. 1. Arms length transaction. Section 109 of the Superannuation Industry (Supervision) Act (SIS Act) requires that all investment transactions of a SMSF be made and maintained […]

Australian Taxation Office (ATO) – Tax Audit Targets

1. Holiday Rentals under the Microscope The ATO have holiday rentals under the microscope. The ATO has advised that it is sending letters to taxpayers in approximately 500 postcodes across Australia, reminding them to only claim the deductions they are entitled to, for the periods a holiday home is rented out, or is genuinely available […]

Government proposing not to change the tax benefits associated with franking credits

The Australian tax system allows companies that pay Australian company tax to attach franking credits to dividends paid by that company. These franking credits are passed onto shareholders along with the cash component of the dividend. The payment of Australian dividends along with their franking credit have proven to be extremely popular with investors, particularly […]

Is now the time to buy an investment property?

There has been much discussion and commentary over the past 24 months about Chinese investors pushing up or inflating property prices, particularly in Melbourne and Sydney. Chinese investors have invested more than $40 billion in 2012 and 2013 according to purchases tracked through the Foreign Investment Review Board (FIRB). But is the tide starting to […]

Australian Taxation Office (ATO) Data Matching Individual Tax Returns

The ATO contacted nearly 400,000 taxpayers who reported different financial information in their 2014 income tax returns to the information that they had collected from other third parties. Nine out of ten income tax returns where amended as a result of the ATO receiving this third party information. The main areas of variance in the […]