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Tips to speed up tax refunds Posted on Nov 23, 2015 by editor

Tax

Many problems can occur when processing activity statements and tax returns which can lead to a delay in the ATO issuing refunds. However, these problems are often caused by small issues and can be easily avoided. Here is a list of tips to help minimise some of the issues that can prevent a speedy tax refund: Keep personal details, such as postal address, bank details and authorised contacts updated Lodge all outstanding activity statements as the ATO are unable to process the refund until they know the extent of the credit Keep good records and hold onto receipts Keep the […]

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Claiming tax deductions for your website Posted on Nov 23, 2015 by editor

Tax

Designing, creating and maintaining a website for your business can be complicated. Many of today’s small businesses employ the services of a web developer and designer to take care of getting a website up and running since they don’t have time or expertise to be able to do it themselves. Often, this can be an expensive venture. But luckily, small businesses can claim deductions for website development costs. Businesses that incur the cost of developing a website before they begin running their business can claim 20 per cent of the cost each year over five years upon starting up. Businesses […]

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Transferring existing super to an SMSF Posted on Nov 18, 2015 by editor

Super

Individuals who plan to transfer their existing super from an industry fund into an SMSF needn’t worry about going over their superannuation contribution limit. Transferring these funds, also known as ‘rolling over’, is not considered to be a super contribution since the money is already somewhere in Australia’s superannuation system. It also does not count towards an individual’s non-concessional (after-tax) contribution of $180,000 a year (or $540,000 if using the three-year averaging provision). Individuals can have multiple super accounts including an SMSF. However, when they transfer money from their industry fund, it is important to ensure that doing so will […]

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SMSF trust deeds Posted on Nov 18, 2015 by editor

Super

Trustees of SMSFs are governed by the rules and regulations set out in the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the fund’s trust deed. Trustees need to regularly review the trust deed, as a transaction that is permittable through the SIS Act, may be prohibited according to the trust deed. Superannuation laws are constantly changing and the trust deed must adequately reflect these laws. To ensure the SMSF is allowed to access strategies permitted by the SIS Act, the trust deed should be reviewed and updated regularly. If a trustee wishes to use the SMSF for activities such […]

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Employment termination payments Posted on Nov 15, 2015 by editor

Tax

An employment termination payment (ETP) is a lump sum payment an employer makes to employees when their employment is terminated. Depending on the age of the employee, and the length of their employment, the amount of an ETP may be taxed at a different rate. An ETP may encompass a tax-free portion, a concessionally taxed portion and a taxed portion. To be eligible for concessions and to qualify for a lower rate of tax, employers must make an ETP to an employee within 12 months of their termination. Otherwise, the entire amount will be included in the employee’s assessable income […]

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How negative gearing works Posted on Nov 5, 2015 by editor

Tax

Negative gearing is a popular tax strategy that gives investment property owners the ability to offset the cost of owning a property against their assessable income. Negative gearing involves generating short to medium term tax losses, which arise from tax-deductible costs that are higher than investment income, and leveraging this to increase exposure to potential gains and losses. It is a popular strategy due to its ability to reduce an investor’s taxable income through their tax losses, resulting in a lower annual income tax bill. For example, if the rent of a property was $350 per week, and the property […]

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