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

The importance of diversification in an SMSF Posted on Aug 24, 2016 by editor

Super

Self-managed super funds (SMSFs) that are not well diversified are quite risky investments since they aren’t as protected as they could be against shocks and volatility in the market. Diversification aims to maximise an individual’s return by investing in different asset classes that react differently to the same event. Although it does not guarantee avoiding a loss, diversification is an important component of reaching long-term financial goals while minimising risk. Diversification can control a super fund’s risk, as the better performing asset classes will help offset the others that aren’t performing very well. It also provides the super fund with […]

Keep Reading...

Converting property into super Posted on Aug 17, 2016 by editor

Tax

Individuals can minimise capital gains tax (CGT) when selling an investment property where proceeds are contributed to superannuation. Those who sell their property can contribute up to $500,000 as a non-concessional contribution into their superannuation, which means that no tax will be payable. Non-concessional contributions, or after-tax super contributions, are super contributions for which an individual hasn’t claimed a tax deduction. However, since selling an investment property is a type of capital gains tax event (unless it was acquired before 20 September 1985), sellers will need to calculate their capital costs to add to the purchase price to establish the […]

Keep Reading...

Getting started with an SMSF Posted on Aug 9, 2016 by editor

Super

Starting a self-managed super fund (SMSF) may be a good idea for those after more control over investment choices and fund running costs. However, those considering an SMSF need to ask themselves some key questions such as: if they can do a better job investing their super than the trustees of their existing super fund if an SMSF will be cost-effective compared with large super fund options if they are ready to take responsibility for the fund’s investment strategy An SMSF can have no more than four members. All members must be trustees of the SMSF or directors of the […]

Keep Reading...

ATO crackdown on work-related expenses Posted on Aug 9, 2016 by editor

Tax

The ATO is currently targeting work-related expenses by taking a closer look at unusual deductions and claims that are higher than expected. The Tax Office will be looking for expense claims that are much higher than others who are in the same occupation and will be contacting employers to validate these claims. When claiming work-related expense deductions, taxpayers must ensure that the expense is related to their job; they were not reimbursed for the money spent and have a record to prove it. Here are some things to keep in mind when claiming deductions: Car expenses You can only claim […]

Keep Reading...

ATO warns pre-retirees on SMSF tax schemes Posted on Aug 2, 2016 by editor

Tax

The ATO has its sight set on individuals participating in an increasing number of aggressive tax avoidance and retirement planning schemes in self-managed superannuation funds (SMSF). The Tax Office has launched Super Scheme Smart, an initiative designed to help inform individuals and advisers about illegal retirement planning schemes. The program is a result of an increase in schemes designed specifically to target those approaching retirement. Individuals approaching retirement are most at risk, in particular, those aged 50 or over, looking to put significant amounts of money into retirement. SMSF trustees, self-funded retirees, small business owners, company directors and individuals involved […]

Keep Reading...

Join our mailing list

Stay in touch with ATP Accounting

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