Category: Uncategorized
How to wind up an SMSF
Last month, we compiled a guide on the questions you have to ask yourself before deciding to establish a self-managed superannuation fund (SMSF). But what if you already have one that you want to wind up? There could be many reasons you may need to wind up your SMSF: there are no members left –...
Concessional and non-concessional contributions caps to rise from July 1, 2014
Did you know that the present $25,000 concessional contributions cap will increase to $30,000 come July 1, 2014? Many will welcome the $5,000 rise, seeing the cap of $25,000 has been in place since 2009-10. The imminent increase will bring about a range of changes to various contribution strategies for self-managed superannuation funds (SMSF) members...
Taken goods for private use? Here’s the latest values
The Tax Office has recently issued a tax determination to guide business owners on the value it expects will be allocated to goods taken from trading stock for private use for the 2013-14 income year. The table below should be used to work out these values. The basis for determining values is the latest Household...
How highly taxed are we compared to other countries?
While many of us may feel that we’re already paying enough to the taxman, recent Organisation for Economic Co-operation and Development (OECD) data reveals that Australia is in fact the fifth-lowest taxed nation of the 34 OECD member countries. (Statistics are taken from 2012 or the latest available year.) Australian total tax revenue was measured...
Investment Asset Classes, sorted by Tax Flavour
The term “asset class” describes a set of investment options that are grouped into a similar area or type. The main asset classes are cash, fixed interest, property and shares. There is also a group of investment products that have tended to be labelled “alternative” as they don’t readily fit into the parameters of the...
Lodgement deadline approaches for research and development tax claim
Eligible businesses should be focusing on the preparation and registration of any research and development (R&D) tax incentive claims for the 2012-13 financial year, as the deadline for doing so (April 30, 2014) is fast approaching. Registration of claims for the R&D tax incentive can take place up to 10 months after the financial year...
Changes to SMSF regime from July 1, 2014
There are some new rules being introduced after July 1 this year that will affect SMSF trustees: the SMSF registration and rollover process will be amended to reduce the instances of funds being illegally released from SMSFs proof of identity checks will be required for all people joining an SMSF, whether they are establishing a...
Thinking about setting up an SMSF? Read on
The superannuation and tax provisions offer incentives for Australians to save for their retirement. These savings may be handed over, typically to a public offer fund to manage on one’s behalf, or they may be managed directly by you. Managing your own retirement savings however is a huge responsibility and one that should not be...
Instant asset tax write-off and vehicle depreciation reduction
Draft legislation closely tied to the repeal of the Minerals Resource Rent Tax (MRRT) has been cleared by the lower house of Parliament and if fully legislated, as is expected, will mean the present instant tax write-off for “individual” assets costing less than $6,500 (GST exclusive) will be reduced back down to $1,000. This measure...
Increase deductions for simply doing your tax
Most business owners know that they can claim a deduction for paying a registered tax agent to prepare and lodge their tax return. However many may not know that the regulations that provide for this deduction operate in a different way compared with other tax rules that allow expenses. Why should taxpayers care which particular...