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Advantages of an SMSF

Posted on Aug 25, 2014 by editor

For most Australians, superannuation is one of their most important assets, usually only coming second to the family home. Superannuation is a great way to plan for your retirement, offering you a lot of tax breaks and ensuring that you are putting money aside for the future you want. However, it can be unsettling when you do not know exactly where and how this crucial asset is being invested. It is natural to want to have more control over your super, and to understand exactly where your money is invested. Unfortunately, many industry, retail and corporate funds can be very […]

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ATO releases ruling on bitcoin

Posted on Aug 25, 2014 by editor

The ATO has issued its decision on the treatment of bitcoin, and other crypto-currencies, for tax purposes. Bitcoin is a form of virtual digital currency that has been gaining popularity worldwide. Based on the  average number of daily transactions, bitcoin has overtaken western transfer and is fast approaching PayPal as the world’s most popular form of online transaction. Bitcoin is unregulated and operates outside of the global financial system. The ATO has ruled that making purchases with bitcoin essentially amounts to bartering, and as such the virtual currency will be treated as an asset, rather than as money, for tax […]

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Finding your lost super

Posted on Aug 18, 2014 by editor

Many Australians have superannuation that they have lost track of over the years. The ATO estimates that the total amount of lost super in Australia adds up to billions of dollars. If you have ever changed your name or address it is possible that you have chunks of super that you’ve completely forgotten about. The same is true for super accumulated in a part-time or casual job, particularly if it was a long time ago. If you think that you might have some lost super, you should track it down as soon as possible. By splitting your super between funds, […]

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New law enacted to prevent dividend washing

Posted on Aug 18, 2014 by editor

A new law that prevents taxpayers from benefiting from dividend washing has been enacted. The new integrity rule is intended to help taxpayers understand their tax responsibilities and comply with the legislation. Dividend washing occurs when a shareholder seeks to claim two set of franking credits. This is done by selling shares after a dividend payout has been announced ex-dividend, meaning that both the dividend and the franking credit remain with the investor. The investor then repurchases shares in the same company that have both the dividend and the franking credit attached. Thus, they have come to be in possession […]

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