ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdaleATP accountants and tax mortdale
PHONE: 02 8850 3888
EMAIL:
ENQUIRE ONLINE

ATO crackdown on rental property tax claims Posted on Jan 26, 2016 by editor

Tax

The ATO is currently targeting taxpayers who rent out their holiday homes for only a few weeks during the year but claim a full year’s worth of deductions on their tax returns The tax office is will be paying close attention to rental property owners, especially those who own a holiday home who incorrectly claim deductions for initial repairs to recently acquired rental properties. Last year, the ATO sent out letters across Australia reminding people to only claim deductions that they are entitled to for the periods that the rental property was rented out or genuinely available for rent. While […]

Keep Reading...

Cutting tax on share transfers Posted on Jan 20, 2016 by editor

Tax

While the transfer of shares from an individual to their super fund will trigger a CGT event and therefore capital gains tax, there are ways individuals can minimise this. Individuals can transfer shares to a self-managed superannuation fund (SMSF) by completing an off-market transfer, also known as an in-specie transfer. An off-market transfer is the transfer of securities between two parties without using the services of a stockbroker. It means that the shares in question do not have to be sold. Because the sale involves changing the beneficial ownership structure of the shares from an individual’s personal name to the […]

Keep Reading...

Binding death benefit nomination and reversionary pensions Posted on Jan 20, 2016 by editor

Super

It can often be quite confusing working out what will happen to your super when you die since the terminology surrounding superannuation and death can appear quite technical. A binding death benefit nomination (BDBN) is an instruction by a fund member regarding who can receive the fund member’s super benefits when they die. Having a BDBN in place can provide peace of mind to a fund member as the fund must follow these instructions upon their death. Those who are nominated by the fund member receive a death benefit, which is a payment from the superannuation fund. It can take […]

Keep Reading...

The three phases of super Posted on Jan 12, 2016 by editor

Super

Having a basic understanding the different phases that your superannuation goes through during your life can help when it comes to working out the tax treatment of an individual’s fund and any pension they take. While not directly related, the overall investment strategy of a fund will also tend to change as the super transitions from one phase onto the next. The lifecycle of superannuation can be divided into three phases; accumulation phase, transition to retirement phase and pension phase. The accumulation phase is often the longest phase super goes through, running from when an individual starts work until they […]

Keep Reading...

New limits on FBT entertainment benefits Posted on Jan 12, 2016 by editor

Tax

In the 2015-16 Budget, the Australian Government introduced a separate single grossed up cap of $5,000 for salary sacrificed meal entertainment and entertainment facility leasing expenses (meal entertainment benefits) for employees. That cap will apply from April 1, 2016, to coincide with the start of the FBT year. The new limits are designed to improve fairness in the Australian tax system and will apply to the use of FBT salary packaged meal and entertainment facility leasing expenses. Meal entertainment benefits that exceed the $5,000 grossed-up cap will count towards an employee’s existing FBT exemption or rebate cap. All salary packaged […]

Keep Reading...

Join our mailing list

Stay in touch with ATP Accounting

  • This field is for validation purposes and should be left unchanged.