ATO Powers In Response to SMSF Contraventions
The ATO – as the regulator of SMSFs (self-managed super funds) – has a range of treatments available to it to deal with SMSF trustees who have not complied with the super laws. The ATO says its primary focus is to encourage SMSF trustees…
Tax Scams: Don't Be a Victim
The ATO warns taxpayers to always watch out for scammers. Each year, the ATO receives a growing number of reports from the public of new phishing scams. Not only do scammers try to steal money, they also try to steal identities. The misuse of…
Transitioning from Temporary Residency to Australian Residency
Increased international labour mobility and the use of skilled temporary workers by Australian companies have resulted in a growing number of foreign nationals entering Australia. These people generally hold a temporary visa for immigration…
Beware Super Funds Offering Incentives: ASIC
The Australian Securities and Investments Commission (ASIC) has updated its guide to help employers select a default superannuation fund for their employees. The guide sets out a range of factors for employers to consider when deciding about…
Five Changes That Will Make You An Exceptional Leader
WHEN IT COMES to leadership roles in business, accountants and finance professionals have an edge over other professions. Their insights and acumen are highly prized by the corporate sector, says Dr Byron Hanson, an associate professor at Curtin…
Q&A: Interest and Other Expenses Where Property Is Negatively Geared
Q. I have recently purchased a house for approximately $800,000. I intend to redevelop it as a family home. Ninety per cent of the purchase price was financed by a loan. In due course, I will engage an architect to draw up plans for a new house…
Taxation Issues on Release of a Company's Unpaid Present Entitlement
Taxation Determination TD 2015/20, released by the ATO on 25 November 2015, explains the Commissioner's view on whether a release by a private company of its unpaid present entitlement (UPE) constitutes a "payment" under the Div 7A shareholder…
SMSF - Policy Conditions
Income protection insurance is worth considering for working people. It can pay a proportion of your salary if you are temporarily unable to work because of sickness or injury. When taking out any insurance policy, you should check carefully…
Personal Tax - CGT: Deceased Estates
It is relatively common for a taxpayer to inherit residential property under a will. While an inherited dwelling can be a wonderful gift, it often results in capital gains tax (CGT) implications, particularly where the taxpayer later sells the…
Agistment Activities: Business
Q. I propose to purchase about 20 acres of land which is used for cattle grazing. I will continue to use the land for agistment purposes, although my long-term plan is to subdivide the land and sell the subdivided blocks. Will the agistment…