When purchasing a business, it is not unusual for the purchaser to be well into the acquisition before realising that there are key issues which were not contemplated either: during the early stages of their decision to acquire the business or around the time the business is transferred. The implications of such ‘surprises’ can range […]
Transition to Retirement Income Streams (TRIS) A TRIS is available to anyone who has reached their preservation age. Currently a member aged 55 or over can access their superannuation benefits while still working via a TRIS. If you were born before 1 July 1960 your preservation age is 55 and rises to 60 for those […]
Whilst always important, reviewing the investment strategy of your SMSF in these turbulent times, is even more critical so that the best possible investment choices can be made. Trustees need to prepare and implement an investment strategy that is centred on the requirements of the fund and its members. The strategy should enable the trustees […]
In our last newsletter we commented on how quickly things can change. None of us thought at that stage we would see the events of the last few months. However, the observations of massive change are not particularly helpful in themselves. The question is, what does this change mean for you. It is crucial that […]
In general, trustees of SMSFs are unable to acquire assets from related parties and may only maintain ‘in-house assets’ (i.e., assets involving dealings with related parties) when their value is less than 5% of the total value of the fund’s assets. However, an exclusion to these requirements applies in relation to ‘business real property’. When […]
Recent volatility in the world investment markets can cause a lot of unnecessary anxiety for investors. At such a time, risks can be taken causing the loss of long-term, well earned benefits. Market downturns are inevitable and it is impossible to predict movements accurately. Moving in cycles It might be tempting to move money out […]
The Australian Taxation Office (ATO) recently released two new interpretative decisions relating to Fringe Benefits Tax (FBT). They concern the payment of money to an employee’s associate (e.g. a spouse) and to an organisations social club and whether those payments attract FBT. A ‘fringe benefit’ is a benefit provided by an employer to an employee […]
With the weather warming up and the holiday season just around the corner, many Australians will soon be heading to their home-away-from-home. Holiday houses can be a wonderful place of retreat whilst also being a worthwhile investment. Rental income Renting out your holiday house has advantages. However, you must declare the rent and claim the […]
In most cases, the sale of the family home does not attract GST. However, there may be GST implications for the sale of other properties. GST is charged on the supply of goods and services that are ‘taxable supplies. You make a taxable supply if: You get paid for it (either money or barter) and […]
What is a deductible repair? The ATO has released a document to assist owners of rental properties when claiming deductions for repairs. A repair is usually ‘occasional’ and ‘partial’. Repairs typically replace a part of something or restore something to its original working order. For example, a repair includes fixing a window that has been […]
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