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Considerations for purchasing a property through an SMSF Posted on Jul 26, 2016 by editor

Super

It is vital for those with a self-managed super fund (SMSF) to carry out all the necessary checks before purchasing a property in their SMSF, especially when borrowing is involved. Investment strategy The SMSF’s investment strategy must be considered. If the purchase of a property will cause the fund’s other investments to be out of alignment, trustees should consider amending the investment strategy before purchasing a property. Resources Trustees need to consider whether the fund will have the resources to purchase the property. For example, will the SMSF purchase the property using its available resources or would it be wiser […]

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Transferring the seniors and pensioners tax offset Posted on Jul 26, 2016 by editor

Tax

The Seniors and Pensioners Tax Offset (SAPTO) is a tax offset for retirees who are at the Service Pension age or the Age Pension age or older. Those who have received SAPTO may be eligible to transfer unused portions of their offset to their spouse. When transferring unused SAPTO, both the receiving individual and their spouse must be eligible to claim the offset and be an eligible couple either: living apart due to illness with a rebate amount of $2,040 each living together with a rebate amount of $1,602 each If an individual receiving SAPTO has a spouse with a […]

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Work-related items that are exempt from FBT Posted on Jul 19, 2016 by editor

Tax

There are a number of employee benefits that are exempt from fringe benefits tax (FBT). They include the following work-related items: – portable electronic devices (mobile phones, laptops, tablets, portable printers and GPS   navigation receivers) – computer software – protective clothing – briefcases – tools of trade The FBT exemption is limited to items that are primarily for use in the employee’s employment or one item per FBT year for items that have an identical function (unless the item is a replacement item). From 1 April 2016, the exemption extends to all small businesses that give employees more than […]

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Reducing the risk of refund fraud Posted on Jul 12, 2016 by editor

Tax

Refund fraud occurs where tax returns, activity statements and other documents are deliberately falsified in order to claim a tax refund a taxpayer is not entitled to. Fraudulent claims can be lodged by individuals on their own account or third parties on behalf of others. Often, this can involve identity crime, where taxpayer identities are used by third parties to make fraudulent claims for personal gain. Some examples of refund fraud are deliberately over-claiming deductions, offsets, or expenses by providing false or misleading information, understating income and/or providing fictitious payment summary details, providing false information in a business activity statement […]

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Rental property owners on ATO radar Posted on Jul 6, 2016 by editor

Tax

The Australian Tax Office has announced that it will be paying close attention to rental property owners during this tax season, especially in areas where excessive interest expenses are claimed and where there is an incorrect apportionment of rental income and expenses between rental property owners. The ATO will also be focusing on those who make incorrect claims for newly purchased rental properties and those who own holiday homes that are genuinely not available for rent. The Tax Office has advised rental property owners that they need to better understand their obligations to get their claims right. Those who claim […]

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