News
SMSF Critical Amounts, Changes & Dates
Reducing your tax exposure, maximising the opportunities available to you, and reducing your risk of an audit by the regulators is in your best interests. With the end of the financial year fast approaching, this update will help you do exactly that:
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myGov accounts and ATO
Recently we have had a few clients contact us because they have not received their Notice of Assessment or Business Activity Statement. Upon review we have found that these clients have set up a myGov account and have included the ATO as one of the linked services.
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PAYG Income Tax Withholding Variation
Do you own a negatively geared investment property?Your employer is required to withhold tax during the year to cover your estimated tax liability from your employment income. However, those who have a negatively geared property investment will have less taxable income than their employer estimated, due to their rental property loss offsetting their employment income. In these cases, the employee does their tax and gets a tax refund for the overpaid tax at the end of the year.
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New Incentives for research & development innovators
Many years ago we had a young client that bought into a physio practice and he has developed an amazing career! His career has taken him off the tools (people), saved his hands and allowed him to follow his dream of creating a life changing product in the medical space.
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ATO property data match could affect honest owners
Late last year the Australian Taxation Office (ATO) announced its intention to acquire details of property transactions dating back to September 20, 1985. Yep, 1985! The scope and amount of information they are requesting is gigantic!
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George Costanza’s prenup didn’t work because he didn’t have any dough...but what if he did?
Remember poor old George Costanza from Seinfeld who tried to get out of a defacto relationship by suggesting to his Partner a prenup agreement when they married. It backfired on George of course because he had no dough!
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Investing in Commercial
Most property investors are comfortable with residential property, having owned or rented themselves, but commercial property investment can be a little more daunting. The main reason for this is that there are so many additional factors to consider, such as GST, complicated leases and who’s responsible for the outgoings (expenses) for the property.
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Self-Managed Superannuation Fund Borrowing Gets the Government’s Green Light
It's good news! Self-Managed Superannuation Fund borrowing has been given the green light to continue by the Government despite the FSI report.
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