Beware, the Australian Taxation Office is concerned that taxpayers are not disclosing in their tax returns; 1. The correct dividends 2. The correct capital gains, and 3. Corporate actions, for example, corporate reconstructions that result in dividends or shares being allocated to shareholders. As a result the ATO has a data matching program to ensure […]
Category Archives: Articles
Our attitude to money and investments change as we age. In this series we look at each decade of our financial life and look at the relevant financial strategies we need to address. The first decade of our financial adult life is in our 20s. Experts tend to say that 20 somethings do not take […]
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 […]
New rules to prevent foreign residents avoiding tax when they sell Australian property will affect everyone buying or selling property with a market value of $2 million or more from 1 July 2016. Many transactions involving shares in a company or units in a trust will also be caught. From 1 July, a 10% withholding […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]