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Non-arm’s length income from trusts and SMSFs Posted on Mar 28, 2018 by admin

Super

The ATO is reminding self-managed super funds (SMSFs) of the rules regarding non-arm’s length income from trusts. The non-arm’s length income rules can apply to investments, transactions and other arrangements undertaken by SMSFs when the terms of the relevant investment, transaction or arrangement are uncommercial in nature. If income is distributed from a discretionary to a SMSF beneficiary, it is: – automatically deemed non-arm’s length income of the SMSF (regardless of the nature of the dealings of the relevant parties) – taxable at the highest marginal tax rate. Income received by a SMSF that is a fixed entitlement to trust […]

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Bitcoin tax scammers Posted on Mar 28, 2018 by admin

Tax

The Australian Tax Office (ATO) is warning taxpayers to be aware of scammers impersonating the Tax Office and demanding cryptocurrency such as Bitcoin as payment for fake tax debts. The ATO became aware of these fraudsters late last year with over $50,000 paid in Bitcoin to scammers claiming fake ATO debts. Once scammers receive payment, it is virtually impossible to recover it as cryptocurrency operates in a digital world. The ATO is also warning taxpayers to be wary of other tax scams such as those demanding direct deposits into third-party bank accounts, demanding payment via iTunes cards or with a […]

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SMSFs and cryptocurrencies Posted on Mar 23, 2018 by admin

Super

Bitcoin and other cryptocurrencies have become increasingly popular over the past few years. As many keen investors jump on board, the ATO is reminding SMSFs to be aware of the tax consequences. Cryptocurrencies are classified as capital gains tax (CGT) assets, therefore, upon their disposal they may be subject to capital gains tax (CGT). It is essential to keep records of cryptocurrency transactions within a SMSF such as acquiring and disposing a cryptocurrency. An investment within a SMSF must: – Be allowed under the trust deed – Be in accordance with the investment strategy of the fund – Comply with […]

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Employers urged to act now for Single Touch Payroll Posted on Mar 23, 2018 by admin

Tax

The Australian Tax Office (ATO) is urging employers with 20 or more employees to prepare for the introduction of Single Touch Payroll. Single Touch Payroll will be introduced from 1 July 2018, requiring employers to report their employee’s tax and super information to the ATO through Single Touch Payroll approved software. Employers will report each time they pay their employees, i.e., weekly, fortnightly or monthly. The information that will be reported includes withholding amounts, superannuation liability information or ordinary times earnings (OTE) and salary, wages, allowances and deductions. Single Touch Payroll will provide greater transparency and connect businesses to the […]

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Eligibility for the downsizer measure Posted on Mar 16, 2018 by admin

Super

As of 1 July 2018, the Government will introduce a new measure that allows the contribution of up to $300,000 of proceeds from downsizing a home to be added to superannuation. The new measure will benefit those aged 65 years and over, provided they meet certain eligibility rules including: The amount you are contributing is from the proceeds of selling your home where the contract of sale was exchanged on or after 1 July 2018. Your home was owned by you or your spouse for 10 years or more prior to the sale. Your home is in Australia and is […]

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Tax tips for property investors Posted on Mar 16, 2018 by admin

Tax

Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000 a year on a $1 million house. Here are four ways to maximise your tax deductions while complying with the tax office: Use a quantity surveyor Registered quantity surveyors can establish the value of purchased items and building construction costs by preparing depreciation schedules to maximise an investor’s claim. Items as diverse as kitchen equipment, bathroom fittings, outdoor furniture, air conditioning and swimming pools are all legitimate claims. […]

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Setting up your SMSF correctly Posted on Mar 9, 2018 by admin

Super

Setting up your self-managed super fund can be a daunting process; you want to ensure you are covering all legal requirements throughout the process. The Australian Taxation Office has outlined steps to take when setting up your SMSF to ensure you are eligible for tax concessions, able to receive contributions and looked after if a trustee is unable or decides they no longer wish to be the active trustee. When setting up your SMSF, you ought to consider the following: Whether you wish to appoint a professional financial advisor to help you. If you do not have any experience with […]

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Work-related expenses Posted on Mar 9, 2018 by admin

Tax

The Australian Taxation Office is continuing to pay close attention to claims made as ‘work-related expenses’ throughout 2018. Making incorrect claims of work-related deductions can land you in hot water with the ATO, and thus it is important you can justify these claims. In order to claim correctly, you must be able to show that: You spent the money yourself and were not reimbursed. The expense was directly related to earning your income, and You have appropriate records and documentation to prove it. If you are making a claim for an expense that you use for both business and privately, […]

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Common SMSF mistakes to avoid Posted on Mar 5, 2018 by admin

Super

Running a self-managed super fund can be a great strategy for your super and your retirement, provided you manage it correctly. To ensure you can enjoy the later stages of life and retire comfortably, you will need to be aware of common SMSF mistakes and how to avoid them. Record keeping Bad record keeping when it comes to SMSFs is very common and very problematic. If the ATO decides to look into your SMSF and your record keeping is subpar, you and the rest of the members of the fund could land themselves in hot water. Good record keeping practices […]

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Tax deductible legal expenses Posted on Mar 5, 2018 by admin

Tax

While we like to think of business ventures as a platform to make money, there are also many expenses that will be incurred through running one. Luckily, there are many tax deductions a business owner can claim when it comes to the expenses their business incurs, in particular their legal expenses. Understanding what these tax deductible expenses are and how to apply for these deductions appropriately can see you save a considerable amount of money, which can be transformed into profit. Specific expenses incurred will or won’t be deductible depending on whether the expenditure is capital, domestic or private in […]

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