By Steve Burnham Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may also find themselves facing action by ASIC. The new contribution caps require […]
By Steve Burnham The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold. The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to […]
By Max Newnham Among the many changes introduced with the GST, one of the more far reaching income tax changes was the establishment of the Australian Business Number system. From July 1, 2000 strict regulations have required businesses to quote their ABN on official documentation, especially on invoices that they issue. Like many things to do with […]
By Rod Myer Independent contractors earning $90,000 or more who do not make superannuation contributions should be hit with a levy to help fund the age pension, says a new report from the John Curtin Research Centre commissioned by Vision Super. The report, authored by Curtin executive director Nick Dyrenfurth, made a series of recommendations in response to the rise of the […]
By John Collett Consumers need to have online access to tables showing how their super fund returns compare to others and it needs to be free. One of the biggest factors that people have over control in achieving a comfortable retirement is selecting a good-performing super fund. There’s a huge difference in returns between the best […]
By Wei Shiek Wei Shiek navigates through the myriad of tax issues of Airbnb and the Australian tax system* Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred […]
By: George Cochrane Regarding your response to a reader a few weeks ago, K.E. on January 28, about investing $20,000 into superannuation accounts for each of his children. I have two questions relating to that proposal: 1. I was surprised that the writer’s children, aged three and five, could have super accounts opened for them. I […]
By: Steve Burnham A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight or longer in the course of their duties. In most circumstances, when claiming other deductions, your clients will be expected to be able to substantiate […]
By Reece Agland The ATO has been sending some mixed messages about property development involving an SMSF, and has indicated that it is one of the issues on its radar for 2018. So is property development an allowable investment for an SMSF? The short answer yes, but be careful. A longer answer is be very […]
By Max Newnham When a business is commenced, one of the most important decisions that must be made is what type of legal structure to use? Each of the choices – sole trader, partnership, family discretionary trust, and company – has advantages and disadvantages with regards to income tax. One of the main areas of income tax […]
