Blog
SMSF statistics continue to wow – March 2020
The ATO recently released the latest statistics regarding SMSFs (to the end of September 2019). Highlights include: There are 598,582 SMSFs. There are 1,124,699 members of SMSFs. The total estimated assets of SMSFs are just over $746 billion. The top asset types held by SMSFs (by value) are listed shares (31% of total estimated SMSF...
Limited options to access your super early – March 2020
There are very limited circumstances when you can access your superannuation savings earlier than when you meet what the ATO calls a “condition of release” — which for most people generally means achieving a certain age and retiring. The other limited circumstances mainly relate to specific medical conditions, severe financial hardship or on compassionate grounds....
ATO dusts off the “lifestyle asset” microscope – March 2020
If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to make sure your tax affairs are in order. The ATO announced in the latter part...
Wallace Partners Client Information Newsletter April 2020
Access our Wallace Partners Client Information Newsletter April 2020 below:
Wallace Partners Client Information Newsletter March 2020
Access our Wallace Partners Client Information Newsletter March 2020 below:
SMSFs to have new LRBA-related label in annual return
Trustees of SMSFs can expect a new label in their annual return forms, which the ATO says should be available from the end of May. After the Treasury Laws Amendment (2918 Superannuation Measures No 1) Bill 2019 became law in October 2019, the ATO reminded trustees that additional reporting requirements would be coming there way...
Bonus Article, Car parking fringe benefits and arm’s length valuation
The ATO has announced that from February it is intending to contact a selection of business taxpayers that provide car parking benefits to their employees, and that use the market value method to arrive at a taxable value, to ensure these values have been calculated correctly. There are five ways that an employer can calculate...
Superannuation tax offsets you may be able to use
Tax offsets (sometimes referred to as rebates) directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax payable to zero, but on their own they can’t get you a refund. There are two superannuation-related tax offsets for which you may be eligible. The Australian super income stream...
What you need to know about the First Home Super Saver scheme
The First Home Super Saver (FHSS) scheme was introduced a couple of years ago with an aim to reduce pressure on housing affordability. The scheme allows eligible taxpayers to save money for their first home inside the superannuation system. The government says this concessionally taxed environment will help first home buyers save faster. How it...