Category: General

Tighter superannuation rules will apply from 1 July 2017 as part of the super reforms announced in last year’s Federal Budget. The new rules include the introduction of a $1.6 million super balance cap for after-tax contributions; a maximum of up to $25,000 for concessional contributions; and the removal of the current “bring-forward” rule allowing…

The Government has announced some changes to the superannuation proposals originally announced in the May 2016 Federal Budget. The Coalition’s proposal is to reduce the existing annual non-concessional (after-tax) contributions cap from $180,000 per year to $100,000 per year. Australians who are under 65 years of age will continue to be able to use the…

This tax season will see the ATO specifically targeting extreme or inappropriate deductions made by rental property owners. While it is not uncommon to make some mistakes when claiming rental deductions, it is necessary for taxpayers with rental property interests to get their deductions and expense claims right to avoid facing harsh and costly penalties.…

Since superannuation contributions come in several forms; SMSF members would be wise to understand what contributions are available and how they might impact them in regards to the contribution limits. The ATO considers a ‘contribution’ as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to…

This year’s Federal Budget saw a raft of changes to superannuation with introduced measures intended to improve the sustainability and integrity of Australia’s superannuation system. The following measures were announced, including: Introducing a $1.6m transfer balance cap There will be a $1.6 million superannuation transfer balance cap on the total amount of super that individuals…

1 What is a self-managed super fund? A self-managed super fund (SMSF) is a superannuation fund with a maximum of four members who act as the fund’s trustees and direct its investment strategy, giving Australians the chance to take a more active role in planning their retirement. SMSFs represent the fastest growing sector of the…

Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000 a year on a $1 million house. Here are five ways to maximise your tax deductions while complying with the tax office: Use…

The ATO is currently targeting work related expenses by taking a closer look at unusual deductions and claims that are higher than expected. The Tax Office will be looking for expense claims that are much higher than others who are in the same occupation and will be contacting employers to validate these claims. When claiming…

This year’s Federal Budget saw a raft of changes to superannuation with introduced measures intended to improve the sustainability and integrity of Australia’s superannuation system. The following measures were announced, including: Introducing a $1.6m transfer balance cap There will be a $1.6 million superannuation transfer balance cap on the total amount of super that individuals…

The ATO has extended its 30 June 2016 deadline to 31 January 2017 for SMSF trustees to review limited recourse borrowing arrangements (LRBA) for non-arm’s length income. The Tax Office issued the Practical Compliance Guide 2016/5 in April to provide guidance for SMSF trustees to ensure LRBA arrangements are on terms that are consistent with…