New SMS scam ‘spoofs’ ATO number
ATO assistant commissioner Karen Foat said the agency has been following the development of a new scam that sends SMS messages under the guise of a phone number that appears to be sent from the tax office. The tactic, known as “spoofing”, is a common technique used by scammers in an attempt to make their […]
Instant asset write-off threshold upped to $25k
The government has increased the threshold for the instant asset write-off to $25,000 as it looks to entice the small business sector ahead of a federal election. Announced yesterday, Prime Minister Scott Morrison has pledged to increase the small business instant asset write-off to $25,000 from $20,000. The write-off will be available for small business […]
ATO flags common errors with contribution deductions
With greater numbers of clients now eligible to claim deductions for personal superannuation contributions, the ATO has identified some common errors that practitioners and their clients should avoid. For many super members, the 2017–18 financial year was the first opportunity they had to claim a deduction for personal super contributions, with the strategy previously only […]
LRBA Changes May Hinder SMSF Gearing
In the last decade, many SMSFs have used a “limited recourse borrowing arrangement” (LRBA) as part of a gearing strategy to build members’ retirement savings. An LRBA is a special type of loan that allows SMSF trustees to borrow to buy an asset – typically real estate. Gearing strategies have been particularly attractive to SMSF members […]
Are You Getting the Most from Your Investment Property?
Property depreciation claims Just as with other assets linked to income-producing activities, you can claim depreciation on your investment property through low value asset pooling. Depreciation works to lower your taxable income, meaning that you pay less tax, which can help boost your return. What are depreciable assets? Depreciable assets for an investment property include both […]