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Lower House passes first home super scheme Posted on Oct 27, 2017 by admin

Super

While many Australian’s sit firmly on either side of the first home super scheme debate, the Lower House has passed the scheme. The scheme was proposed in the Budget released in May 2017 and was only just passed by the Lower House. The Government has notioned that Australia’s retirement savings system will not come under threat by allowing first-homebuyers to use their superannuation funds to save for a house deposit. The measure was passed with the strong backing of the Coalition, even though it is heavily opposed by Labor and the Greens. The opposition claims the scheme will not make […]

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Assistance for new business owners Posted on Oct 27, 2017 by admin

Tax

The ATO has established the ‘Business Assistance Program’ to help new business owners understand their tax obligations associated with running a business. Small businesses that have recently registered for an ABN, registered for GST or likely to register for GST in the near future and have a turnover of less than $2 million a year can access this program. The ‘Business Assistance Program’ offers tailored tax support over a 12 month period and can help with: Tax obligations based on your business structure Registering for GST and GST obligations Employer obligations Super obligations Record keeping requirements Understanding business activity statements […]

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Super co-contributions Posted on Oct 18, 2017 by admin

Super

Individuals may be eligible for a Government super co-contribution. A Government co-contribution means the Government adds to your super. You may be eligible for the super co-contribution, low-income super contribution (LISC) from the 2012-13 to 2016-17 financial years, or low-income super tax offset (LISTO) from 1 July 2017. Super co-contribution The Government will make a co-contribution of up to $500 if you are a low or middle-income earner and make personal (after-tax) contributions to your fund. The eligibility conditions for a co-contribution from the 2017-18 financial year include: a total superannuation balance less than the general transfer balance cap for […]

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Selling your home and CGT Posted on Oct 18, 2017 by admin

Tax

When it comes time to sell your home, you may be wondering if you will need to pay capital gains tax (CGT). Generally, if you live in the home you are selling you will not have to pay CGT under the main residence exemption. The ATO considers a dwelling as your main residence if: – you and your family live in it – your personal belongings are in it – it’s the address your mail is delivered to – it’s your address on the electoral roll, and – services such as gas and power are connected. If the home has […]

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Splitting super Posted on Oct 13, 2017 by admin

Super

When partners in an SMSF separate, there are specific legal and tax implications that should be considered. It is possible to split super benefits, i.e., transfer assets, such as property, from one super fund into another and roll money over to another fund; however, trustees need to keep the following in mind: Separating couples need to work out how they will split their super. They can choose to enter into a formal written agreement, seek Consent Orders, or if the separating couple cannot reach an agreement, they can seek a court order. It is important to have necessary documentation in […]

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Protecting honest businesses Posted on Oct 13, 2017 by admin

Tax

In its effort to facilitate a fair business environment, the ATO has offered continued support for honest businesses. With an estimated $40 billion lost to the hidden economy, the need for strong diligence and continued governance over Australian businesses is essential. The Black Economy Taskforce that was established in May 2017 and various trends have since been better understood regarding strategies dishonest businesses and individuals are using to evade their tax responsibilities. Trends show that problematic areas include: The sharing economy: the money exchanged through services such as Airbnb, Airtasker and Uber are all taxable. Ensure you understand how to […]

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Transfer balance account report now available Posted on Oct 5, 2017 by admin

Super

The new transfer balance account report (TBAR) is available on the ATO’s website. Self-managed super funds can use the TBAR report to report events that affect an individual member’s transfer balance account. The option to report is available from 1 October 2017, however, SMSFs are not required to report anything until 1 July 2018. Events that affect a member’s transfer balance account will need to be reported to minimise the tax consequences of exceeding the transfer balance cap. Funds with straightforward affairs are likely to have only a few events per member to report over the life of the fund. […]

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Reporting SMSF changes Posted on Oct 5, 2017 by admin

Tax

Self-managed super fund trustees must notify the Australian Tax Office (ATO) if there are changes to their SMSF. Trustees must provide written notice within 28 days if there are changes to: the name of the fund the address of the fund details of the contact person the membership of the fund the trustees of the fund the directors of the fund’s corporate trustees your SMSF’s bank account details and Electronic service address. The above details are used by the ATO to determine if your fund meets the definition of an SMSF. Providing incomplete or inaccurate information may make it impossible […]

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