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Lost or destroyed tax records Posted on May 26, 2015 by editor

Tax

Taxpayers are responsible for safely storing a written backup copy of their tax record in case the original electronic form becomes inaccessible or unreadable. Where the tax records are accidently lost or destroyed from a burglary¬†or fire, the ATO will allow a taxpayer to claim a deduction for certain expenses. The conditions are: – The taxpayer has a complete copy of a lost or destroyed document. – The ATO is satisfied that the taxpayer took acceptable precautions to avoid the loss or destruction of the form. If the tax record was a written document, it is not reasonably possible to […]

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SMSF and investing in property Posted on May 26, 2015 by editor

Super

While using a self-managed super fund (SMSF) to buy an investment property has become increasingly popular, members must carefully consider whether it supports their overall investment strategy before they go ahead with this investment approach. There is a condition that the SMSF trustee or any of their relatives cannot buy the property with the intention to live in it. The sole purpose of using an SMSF to buy a property must be to build wealth for retirement. With this in mind, a member must buy an investment property for logical reasons and not because they are emotionally attached to it. […]

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