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ATO launches Super Scheme Smart Posted on Sep 29, 2016 by editor

Tax

The Australian Tax Office has launched a new initiative called Super Scheme Smart to help educate individuals about the pitfalls of certain retirement planning schemes and how to protect their retirement nest egg. Each year the ATO discovers complex tax schemes and arrangements designed by promoters solely for the purpose of helping people avoid tax. The office is currently seeing a number of schemes targeting Australians planning for their retirement. These schemes encourage individuals to channel money inappropriately through their self-managed superannuation fund (SMSF). The penalties are substantial for those involved in deliberate tax avoidance schemes; an individual may well […]

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ATO outlines common FBT mistakes Posted on Sep 19, 2016 by editor

Tax

Fringe benefits tax (FBT) is a tax an employer pays on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. Fringe benefits tax is separate to income tax and is calculated on the taxable value of the fringe benefits provided. Recently, the Australian Tax Office has released information for business owners which outlines some of the most common FBT mistakes made over recent financial years, as there are some misconceptions surrounding FBT exemptions of certain benefits provided to employees. A […]

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Managing SMSF losses Posted on Sep 12, 2016 by editor

Super

Carrying forward significant capital losses can be a viable strategy for trustees wanting to offset gains and achieve tax savings in the near future. This kind of strategy is suitable in circumstances where it is likely that younger members may join the fund or when members are considering switching back to the accumulation phase. One way SMSF trustees can carry forward capital losses is to set up a small accumulation balance once their assets are realised at a loss. Funds with assets which support pension and accumulation liabilities can use the unsegregated method to claim ECPI (exempt current pension income), […]

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Five expenses you can’t claim as a tax deduction Posted on Sep 12, 2016 by editor

Tax

As the countdown begins to Australia’s tax return lodgment date, many individuals in the country may be hurrying to find a few extra possible tax deductions to claim. However, in the rush before the deadline, it is important not to waste time claiming deductions for expenses or items that are commonly thought of as tax deductible, but are knocked back by the ATO. Volunteer work Individuals cannot claim tax-deductions for expenditures while volunteering for charities or other not-for-profit organisations e.g. petrol used when driving out to help community efforts. Police clearance and record checks While some checks are required as […]

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Small business company tax rate reduced Posted on Sep 1, 2016 by editor

Tax

The small business company tax rate has been reduced from 30 per cent to 28.5 per cent. The new lower rate applies to small businesses that are corporate unit trusts and public trading trusts. When completing company tax returns, use the new rate of 28.5 per cent on calculation statements at label T1 – Tax on taxable or net income. The franking credit cap has remained unchanged at 30 per cent, and still applies to those eligible for the reduced company tax rate of 28.5 per cent.

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ATO advice for SMSFs with related-party loans Posted on Sep 1, 2016 by editor

Tax

The ATO has recently provided recommendations for self-managed super funds (SMSF) trustees with related party LRBAs that are lodging before the 31 January 2017 compliance deadline. The Tax Office stated that the relevant income of an SMSF is considered NALI (non-arm’s length income), and should be reported as such in the SMSF’s 2016 annual return, when trustees have: taken no action to ensure any LRBA in their fund is on terms consistent with an arm’s length dealing and; not made the required catch-up payments at the time of lodgement of its 2016 SMSF annual return Prior to 31 January 2017, […]

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