Are all your SMSF eggs in one basket?
Read why the investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the ATO contacting 17,700 trustees about a lack of asset diversity.
Rental property expense claims
There needs to be a relationship between the money you make and the deductions you claim. Here are a few common problem areas.
ATO take ‘gloves off’ on overseas income
The ATO has again flagged that underreporting of foreign income is an issue, but this time the gloves are off.
The $11.1bn small business tax shortfall
New figures give visibility to tax compliance issues within small business sector and indicate where ATO expects resources to be focussed now and in the future. Read our 4 tips to make your business ATO-proof.
Who owns the assets of a trust?
Recent case highlights some of the trust tax problems that can occur It’s not uncommon for people to put assets such as their family home into a trust, particularly professionals working in litigious fields or family groups wanting to protect assets. The taxpayer, in this case, had become the owner of their main residence as…
Tax time: deductions in the ATO’s sights
Work-related deductions for you Last financial year, over 8.8 million taxpayers claimed $21.98 billion in deductions for work-related expenses. It’s an area under intense review by the ATO. If you claim work-related deductions, it’s important to ensure that you are able to substantiate any claim you make. To claim a deduction, you need to have…
What to expect post-election
Budget 2019-20: The pre-election announcements that are now law The Federal Budget announced a series of measures, some of which were legislated before the election was called. There are no guarantees, however, that any policies or announcements not already legislated will come to fruition – that will depend on the Senate composition determining what policies…
Business Budget 2019-20
Business Instant asset write-off increased to $30k and expanded to businesses under $50m Date of effect 7:30pm (AEDT) on 2 April 2019 to 30 June 2020 The threshold for the popular $20,000 instant asset write-off will increase to $30,000* from Budget night until 30 June 2020 when it will potentially return to its original…
Budget Superannuation Summary
Superannuation Superannuation ‘work test’ watered down & age limit for spouse contributions increased Date of effect 1 July 2020 As previously announced, from 1 July 2020, Australians aged 65 and 66 will be able to make voluntary superannuation contributions (concessional $25,000 p.a. and non-concessional $100,000 p.a.) without meeting the Work Test. Currently, voluntary contributions…
8 pieces of legislation in limbo
Legislation in limbo A budget, an election and the legislation that hasn’t made it through. The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation. Next month, on 2 April, Parliament reconvenes for the Federal Budget and it’s likely that an…