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Spam Alert - ATO refund email
Many Australians have received an email from the address - returns@ato.com.au within the last two weeks.
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How a trust can be used
Trusts continue to be a very popular choice for Australian families in their pursuit for asset protection and tax minimisation. A trust can be a viable protection strategy for your families assets and can offer greater flexibility for year end tax outcomes.
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ATO to review SMSFs
Around one in every 30 self-managed super funds will be reviewed by the Australian Tax Office during the 2013-14 financial year, according to the ATO's compliance program. By financial year-end, the ATO intends to review more than 16,000 SMSFs, checking whether the selected funds comply with tax and regulatory obligations such as lodging returns on time and not using prohibited loans.
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Insured in your SMSF?
Following an amendment to the superannuation regulations, SMSF trustees must from the 2012/13 year onwards, give consideration to whether the SMSF should hold insurance cover for the members. The new regulation means that trustees, who are also normally the members, must now consider insurance in order to discharge their obligations under the SIS Act.
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Employee or Contractor?
Over the past few decades there has been a clear shift away from traditional employment, and towards people acting as independent contractors or freelancing.
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ATO cracks down on the wealthy
The Australian Taxation Office (ATO) is set to crack down on wealthy Australians with lifestyle assets as part of its focus for the taxable year ahead. Entrepreneurs and private citizens with yachts and property farms that belong to private corporations but are being enjoyed for personal use will be the target of ATO.
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Changes to Superannuation Guarantee
With the new financial year under way we are reminding clients what changes have been made to superannuation and allocated pensions.
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ATO to write to 110,000 rental property owners over incorrect rent deductions
More than 110,000 property investors will receive letters from the Australian Tax Office after new data mining technology identified they may have submitted incorrect tax claims based on their 2011-12 tax returns.
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