Thinking about a gearing strategy for your SMSF? When planning a borrowing in your SMSF to buy an asset such as property or shares (known as a “limited recourse borrowing arrangement” or LRBA), you can choose to borrow from a commercial lender or a private party. This could even be a related party of the…

The small business capital gains tax (CGT) concessions can save businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essential that you keep the right records, particularly for when the time comes to sell. Find out what your business should be doing now to keep the ATO at…

Knowing whether you’ll be entitled to the Age Pension is an important part of your retirement planning. Once you reach Age Pension age (66 years from 1 July 2019), you’ll also need to pass two tests: the assets test and income test. Here we outline the basic thresholds that apply under each test and what…

Ready for tax time 2019? If you’re an employee, there are a few things you need to know about the ATO’s new “Single Touch Payroll” (STP) system. This system requires employers to report information like salaries, wages, allowances, PAYG withholding and superannuation contributions to the ATO electronically every time they pay their employees. The big…

Taking an extended job posting overseas? If you currently have an SMSF, there’s a risk your fund’s “central management and control” (CMC) will be considered to move outside Australia. This causes the SMSF to become non-resident, resulting in hefty penalty taxes, so it’s essential to plan for this before you go. Here are some solutions…

It’s often obvious when a company is carrying on a business. But many clients have companies set up in their family or business groups, whose “business” status may be less clear. Common examples include companies that simply hold assets used by another entity in the group, that receive trust distributions, or that appear to be…

Thinking about setting up an SMSF? For many people, SMSFs are a great option for building retirement savings, but they may not be suitable for everyone. In this first of a two-part series, we explain some of the key differences between SMSFs and public offer funds. While public offer funds are managed by professional licensed…

The way we approach tax matters can sometimes end up making a big difference to our bottom line and stress levels. Here are three tips to help individual taxpayers achieve a better outcome when lodging and dealing with the ATO this tax time. Tip one: Get help with debts early: If you’re experiencing financial difficulties,…

Transferring a commercial property into an SMSF can be a great way to build retirement savings and take advantage of the tax benefits available to SMSFs. The rental income and capital gains are concessionally taxed, or even tax exempt to the extent the property supports retirement phase pensions. So, if you run a business and…

Undertaking further study is a great way to enhance your skills on the job, but on top of tuition fees you may be facing a range of additional costs. After discussing when you can deduct your course fees in our last article, we’re now considering how you can claim deductions for expenses such as textbooks,…

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