The ATO has announced that it is extending the deadline it had set for SMSF trustees to disclose any personal services income that has been diverted to their fund. The concern for the ATO, as outlined in a taxpayer alert (TA2016/6) it issued last year, is the minimising or avoidance of tax obligations that […]
By: Amanda Anderson There are a number of options available to small business owners when it comes to occupying commercial property. The most common is of course a direct lease with a landlord, but with increasing rentals and low interest rates, small business owners are looking at other ways to secure a property for their business. […]
By: Steve Burnham New research from Roy Morgan has found that in the six months to last November, overall satisfaction with the financial performance of superannuation was 58.4%, unchanged from October but down by 0.9% points over the year. However, only 18.5% of fund members said that they were “very satisfied”, down from 19% a year […]
By: Alexandra Cain The short answer is yes. The long answer is more complex. For a lot of people, putting their business premises inside their super fund makes sense. But what about putting the business itself inside a self-managed super fund? I put this question to Melissa Browne, founder of accounting practice Accounting and Taxation Advantage, […]
By: Rod Myer The Australian Taxation Office has fired a shot across the bows of plans by DomaCom, an investment company, to allow self-managed super fund (SMSF) investors to live in houses their funds own. In response to enquiries from The New Daily, the ATO issued a statement signed by Assistant Commissioner Kasey Macfarlane, saying it was not […]
By: Nicola Field Self-managed super fund trustees and their advisors need to be alert to the latest round of wealth-stripping fraudulent schemes. Fraudsters have Australia’s over-50s in their sights, and pre-retirees with self-managed super funds (SMSFs) are particularly vulnerable. Figures from the Australian Competition and Consumer Commission (ACCC) show that in 2015, reported losses to […]
By: Steve Burnham ATO takes aim at serious SMSF non-compliance. Speaking at national superannuation conference in late August, the ATO’s superannuation assistant commissioner Kasey Macfarlane highlighted a number of issues that the ATO will be taking a keen interest in over the coming year. Chief among these concerns, Macfarlane said, was the fact of serious non-compliance […]
