CLICK HERE to read the Acumon Connect Autumn 2020 Newsletter In this issue: – Changes to key dates – Expert Advice – Welcome to our newbies – ATO targets lifestyle assets – Mix & Shake with Sally – Meet the Team – Financial Planning Advice
The investment strategies of Self-Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a significant investment fails.” This does …
Did you know that capital allowance and depreciation are some of the biggest tax deductions claimed by owners of rental properties? If you have invested in a rental property or properties, we know that you’ll want to maximise their value and the returns that they can make for you. Tax depreciation and Capital allowance laws …
Maximising the value and returns on your rental property Read More »
We are just days from Christmas now, and before we sign off for the year, there’s just a few more things to cover. It’s the season for holidays, and as a business owner, you’ll need to know how to be compliant. New Fair Work Information Statement Firstly, there has been updates made to the Fair …
The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades. The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The data complements information that the ATO already holds from brokers, share …
Tax on shares: ATO extends data matching program Read More »
Firstly, Merry Christmas from the team at Acumon. We love this time of the year. There is a sense of goodwill and joy that people seek out and embrace (with the exception perhaps of the local shopping centre car park). After a hectic year, where time seems to tick by faster than the laws of …
Taxation obligations and navigating the “gig” economy Read More »
Centrelink offers a range of financial benefits to help parents manage the cost of raising kids. And if you’re a single parent, you might even be eligible for additional financial support. This cheat sheet will give you an idea of which benefits you’re entitled to. Being a parent is a tough gig – and being …
Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year. Common problem areas that people feel obliged …
The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080 …
Confusion over personal income tax changes: what are you really entitled to? Read More »
A consistent theme this tax time is overclaiming and under-reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your SMSF. …