From 1 July 2011 the Australian Taxation office changed the rules relating to how a SMSF must manage collectible (antique cars, artwork, wine and alike) assets;
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There are a number of SMSF’s that now own either commercial or primary production property that is leased back to a related person (or business) of the super fund.
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Contributions - 2015 year increased tax deductible contributions cap for anyone 49 and above
Read MoreThe ATO is encouraging those with multiple super funds to consolidate their super into one account, with 45 per cent of working Australians currently holding more than one super fund.
Read MoreA trustee in bankruptcy has extensive powers to act in the place of the debtor and deal with the creditors.
Read MoreIn each of 2013 and 2014 financial years approximately 20,000 Australians declared themselves bankrupt.
Read MoreA taxpayer who thought he was making a simple and standard family transaction was caught for Capital Gains Tax.
Read MoreWhat should employers report on an employee’s statement of earnings (which most people still call a group certificate)?
Read MoreFirst time home buyers may be allowed to dip into their superannuation savings to help them get on the property ladder, under proposals being considered by Treasurer, Joe Hockey.
Read MoreSubsection 262A (4AJA) of the 1936 Income Tax Assessment Act requires the previous owner of a property to provide the new owner with relevant construction cost information.
Read MoreSMSF trustees are broadly unprepared for the impending changes to the collectibles rules that come into effect from July next year, according to one major administrator.
Read MoreA recent ATO determination offers some insights regarding the ATO’s views on commuting transition to retirement income streams, and highlights an important tax trap.
Read MoreThe Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed.
Read MoreSome employers, who are commendably anxious to protect their employees and clients from the drink/driving laws, also pay for taxis to take employees to and from the place of entertainment.
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