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ATO identifies industries targeted for potential tax audits Posted on Apr 28, 2016 by editor

Tax

The ATO has identified certain businesses it plans to target for potential tax audits. These businesses include the supermarket, bakery, computer system design and car retailing industries that often need more help to meet their tax and super obligations. In response to this, the ATO has begun an education campaign for business owners in these industries to assist them better understand their responsibilities such as superannuation, pay as you go (PAYG) withholding and FBT. From July 2016, the ATO will be undertaking audits of employers who continually fail to meet their obligations, particularly those who do not correctly meet their […]

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ATO cautions SMSF trustees about transition to retirement streams Posted on Apr 21, 2016 by editor

Tax

The ATO has issued a statement expressing its concern over recent misrepresentations of transition to retirement income streams (TRIS) and how they are meant to operate. In its statement, the ATO said that under special circumstances a member can select under regulation 995-1.03 of the Income Tax Assessment Regulations (ITAR) 1997 to treat a TRIS payment as a super lump sum and access the low rate cap. Members who choose to make this election for income tax purposes must recognise that the nature of the payment from the SMSF does not change for the purposes of the super regulatory law. […]

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Protecting your SMSF Posted on Apr 21, 2016 by editor

Super

Most self-managed super fund trustees don’t give much thought as to how much professional indemnity (PI) insurance their advisor has. But since PI insurance is the only course of action to recover lost funds for trustees who become victims of fraud or negligence, it is an essential prerequisite trustees should be aware of. PI insurance is insurance that provides financial compensation to trustees in the event that the advice they have been given proves to be negligent. Unfortunately, there are many cases of negligent advice. Negligence becomes a factor when an adviser alludes to a particular idea or strategy they […]

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ATO teams with insurance policies to identify artworks and collectibles Posted on Apr 12, 2016 by editor

Tax

The ATO has begun working with insurance companies to assess artworks and collectibles owned by taxpayers and identify the owners of these kinds of assets. There have been many instances where the tax office has identified ‘lifestyle assets’ that were not being properly accounted for. Since some assets may be subject to capital gains tax (CGT) on disposal, it is fundamental taxpayers are aware of properly accounting for their assets to avoid being hit with a CGT bill. The ATO has advised taxpayers to be aware that: – items purchased for more than $500 on or after September 20, 1985 […]

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Tax-free insurance policy bonuses Posted on Apr 12, 2016 by editor

Tax

After a taxpayer has held a life insurance policy for ten years or longer, the reversionary bonuses received on that policy become tax-free. Life insurance policies are issued by life insurance companies and friendly societies. A reversionary bonus is profit earned annually on traditional life contracts on top of the sum insured that is added to the amount of an insurance policy payable at the maturation of the policy or the death of the person insured. For taxpayers with policies that are less than ten years old, stipulated amounts are included in that taxpayer’s assessable income and a tax offset is […]

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Acquiring property through an SMSF Posted on Apr 4, 2016 by editor

Super

Members of a self-managed superannuation fund (SMSF) looking to acquire property through the fund need to be aware of the risks involved in the strategy or risk substantial penalties. One of the considerations investors should be making if they are deciding to put a property in their SMSF is whether the strategy will improve retirement outcomes. Ultimately, investment decisions, such as the aforementioned strategy, will have ramifications for whether members have a comfortable retirement or need to rely on government support. SMSF members should also consider the liquidity of the current assets in the fund. As property is a large, […]

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