ATO – Australian Taxation Office

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11/09/2017

New profit centre for Accountants and Financial Advisers: Setting up a business structure

New profit centre for Accountants and Financial Advisers: Setting up a business structure This week is you setting up business structures for your clients. We have seen a 400% increase in Family Trusts and Unit Trusts being built on our website over the last 12 months. Baby boomers are refusing […]
25/08/2017

New profit centre for Accountants and Financial Advisers: Estate Planning

  New profit centre for Accountants and Financial Advisers: Estate Planning I hope you enjoyed last week's new area of practice: updating SMSF Deeds.  This week's new profit centre is Estate Planning. Some people incorrectly believe that Estate Planning is about a lawyer making a Will. I have prepared an […]
31/03/2017

Travel costs to visit Accountant & Adviser tax deductible – says ATO TD 2017/8

When are costs of travel for a tax return deductible? This ATO Tax Determination TD 2017/8 was issued 29 March 2017. When you visit your accountant or financial planner the cost of travelling is tax deductible. This is when you are having your tax return prepared by a 'recognised tax adviser'. It […]
25/03/2017

CGT on dead wife’s wedding ring. Faults in Will drafting.

  CGT on dead wife’s wedding ring. Faults in Will drafting. Capital Gains Tax on dead people's jewellery - CGT death duty on a wedding ring Sometimes people make a mistake and name a Specific Gift in their Will. For example, ‘my wedding ring to my daughter’. The result may […]
29/10/2016

Taxing Crowdfunding – ATO catches up on a new concept

The ATO has formed a view on Taxing Crowdfunding. The revolution is upon us and the ATO is having a hard time keeping up. 'Crowdfunding' is financial support for a project or venture. The collection and promotion are via internet platforms, mail-order subscriptions, benefit events and other methods. Crowdfunding falls […]
14/10/2016

Reserves in a SMSF – How to complete annual return

  The wealth in a superannuation fund belongs to a member. You can't have money in a superannuation fund not earmarked for a person. An exception is SMSF reserves. 'Reserve accounts' are assets in  your SMSF that is not part of any member’s account. No one has any entitlement to […]
08/09/2016

Key person insurance – protecting the business

Key person insurance – 'income' or 'capital' purpose? Businesses without strong leadership and direction are ships sailing without the captain at the helm. Death, Trauma and Disability are the insidious ‘killers’ of business. Key person insurance protects the business. Who is a key person? Businesses take out insurance to replace assets […]
26/08/2016

Can you offer ‘free’ SMSF setup? ASIC attacks SMSF promotor

&nbsp ASIC attacks SMSF promotor, but is it fair? Good old ASIC has successfully applied a penalty on a business seeking to set up your SMSF for 'free' - but then charging you $1,100 per year. The ASIC $10,800 slap on the arm is because the advertising of 'free' potentially misleads […]