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ATO warns of illegal early super release

Posted on Nov 29, 2018 by admin

The ATO has issued a warning to the public regarding illegal early release of super schemes, which are subject to severe penalties. There are strict rules around when you can access your super so your current decisions do not jeopardise your quality of life in retirement. The ATO has reminded the public you may only access your super early if you have experienced severe financial hardship or you have reached the preservation age and have stopped working. How these schemes workThe promoters of these schemes: Encourage you to transfer or rollover your super from your existing super fund to an […]

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ATO update: Tax deduction rules on travel to rental properties

Posted on Nov 29, 2018 by admin

The ATO has enforced strict guidelines on tax deductions for rental property owner’s travel expenses. As a rental property owner you are not able to claim deductions for travel expenses relating to inspecting, maintaining or collecting rent. If you have already claimed a tax deduction for the cost of travel to and from your property in your 2018 return, you will need to request an amendment. The law change came into effect on 1 July 2017 and affects tax returns from 2017-18 onwards. ExclusionsYou may claim these travel expenses on your tax return if you are carrying on a rental […]

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Paying super to contractors

Posted on Nov 26, 2018 by admin

The ATO classifies contractors paid for their labour as employees for superannuation guarantee purposes. This is the case even if the contractor quotes an Australian Business Number (ABN). Eligibility requirementsSuper contributions must be made for these individuals if you pay them: Under a verbal or written contract that is wholly or principally for their labour- that is, more than half the dollar value of the contract is for their labour For their personal labour and skills- which may include physical labour, mental effort or artistic effort and not to achieve a result To perform the contract work personally – they […]

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ATO updates Taxpayer’s Charter

Posted on Nov 26, 2018 by admin

The ATO has updated the Taxpayer’s Charter which prioritises a relationship with the public built on mutual trust, courtesy and respect in all interactions. Your rights regarding review of ATO decisions are clearly outlined by the Charter if you feel you have been mistreated. The Charter has also committed the ATO to use easy to understand language, so their information is accessible to the public. Some of the changes include: Simplified information about what to expect if your business goes through a review and audit process More details on the ATO’s digital interactions with small businesses Moving away from complex […]

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SMSF trustee investment strategy checklist

Posted on Nov 20, 2018 by admin

SMSF trustees have the freedom to invest as they choose to grow their retirement savings, which is why it is vital that they check in on their investment strategy regularly. Maximising your retirement nest egg depends on how well your investment strategy functions at different phases in your working life. This is why your investment strategy should shift according to your changing financial circumstances. A new job, fluctuating markets, changes in tax laws or your retirement drawing closer may mean it’s time to switch up your investments. Here is a checklist to get you started. Map your risk profiles Consider […]

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