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SMSFs: reporting change

Posted on Jun 22, 2018 by admin

Self-managed super funds (SMSFs) are required to provide an accumulation phase value (APV) on their transfer balance account report for 30 June 2017 in certain circumstances. SMSFs should note, APV is often different to the account balance of the SMSF member’s accumulation phase assets. This is due to the exit and administration fees and realisation costs that would be taken into account if the SMSF member would voluntarily close their account. APV is a component of a member’s total super balance which shows the value of the member’s assets in the accumulation phase at 30 June. Providing a member’s APV […]

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Claiming clothing this tax time?

Posted on Jun 22, 2018 by admin

The Australian Tax Office (ATO) is cracking down on claims for work-related clothing and laundry expenses this tax time. Last year total claims for work-related clothing and laundry expenses totalled nearly $1.8 billion. The ATO has acknowledged that many of these claims are legitimate. However, it is unlikely that half of all taxpayers would have been required to wear uniforms, occupation-specific clothing or protective clothing. The Tax Office is in the view that many taxpayers are either making mistakes or deliberately over-claiming. Common mistakes that are observed include: – Claiming for something without having spent the money – Not being […]

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Changes to SMSF 2017-18 annual return

Posted on Jun 15, 2018 by admin

There is a number of changes to the 2017-18 Self-managed super fund annual return (SAR) thanks to the super changes which came into effect on 1 July 2017. Transition to retirement income stream (TRIS) accountThe ATO has included a new label for the number of TRIS accounts an SMSF member has in accumulation phase. A TRIS account is in accumulation phase unless the SMSF member has reached 65 years of age or has met another ‘nil’ cashing restriction condition of release (i.e., permanent incapacity, retirement or a terminal medical condition) and has advised their fund. Limited recourse borrowing arrangements (LRBA)New […]

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Importing goods worth $1,000 or less?

Posted on Jun 15, 2018 by admin

Overseas businesses that meet the GST registration threshold (A$75,000) will be required to charge GST on goods purchased from the 1 July 2018. Specifically, GST will be charged on goods that are: less than A$1,000 (low-value); not GST-free (i.e., alcohol or tobacco products); and imported into Australia. Individuals who purchase low-value goods (which they import) will be required to pay GST if they are not registered for GST or importing goods for personal use (even if they are GST registered). However, individuals can avoid paying GST if they are: registered for GST; import low-value goods for business use in Australia; […]

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Superannuation Guarantee Amnesty

Posted on Jun 7, 2018 by admin

In a bid to tackle non-payment of employee superannuation, the Minister for Revenue and Financial Services announced the beginning of a 12-month Superannuation Guarantee Amnesty (the Amnesty) on 24 May 2018. The Amnesty provides employers with a one-off chance to self-correct past super guarantee (SG) non-compliance without incurring a penalty and is available until 23 May 2019 (subject to the passage of legislation). Employers who take advantage of the Amnesty will avoid: penalties and charges that may apply to late payments; and are entitled to deductions for catch-up payments made during the Amnesty period to the employee’s regulated super fund […]

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