Author Archives: qfp-admin

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 […]

Performance of your Superannuation

A recent survey of women by Roy Morgan Australia in October 2015 disclosed the following survey findings: • Women were most satisfied with the performance of Self Managed Superannuation Funds (79.2%). • The average level of superannuation satisfaction across all superannuation funds ie Self Managed, Industry and Retail was only 57.9%. That is more than […]

SMSF’s – Massive penalties for even minor breaches of the SIS Act

These new Superannuation Industry (Supervision) Act (SIS Act) administrative penalties came into effective from the 1 July 2014. That means that trustees may not be aware of them until they have lodged their 2015 Income Tax Return for their Self Managed Superannuation Fund (SMSF). One concern with these penalties is that they will be automatically […]

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 […]