You may be aware that the Australian Tax Office (ATO) has issued letters to nearly 18,000 SMSF trustees as part of a campaign to ensure trustees are aware of their investment obligations. Of key concern is ensuring that trustees have considered diversification and liquidity of their assets when formulating and executing their fund’s investment strategy. […]

In February this year, the Government passed legislation which prevents trustees of APRA-regulated funds from providing insurance to members with inactive superannuation accounts, unless a member has directed otherwise. It is a common practice for many individuals with an SMSF to also have a secondary APRA-regulated fund which provides them with insurance. This may be […]

Your superannuation policy update in preparation for the end of the financial year The Coalition Government has been re-elected in the 2019 Federal Election, with a small majority of seats in the House of Representatives, after taking a policy of stability for superannuation to the election. After the introduction of the significant legislative changes which […]

The superannuation downsizer scheme came into effect on 1 July 2018. Many are unaware that it is available to them, or don’t realise the benefits for their superannuation and retirement planning. While the premise of the measures is to reduce pressure on housing affordability and free up housing stock for younger, growing families, the provisions […]

On 29 January 2019 the Government announced that it would be increasing and extending the Instant Asset Write Off . The current threshold of $20,000 will be increased to $25,000 from 29 January 2019. The concession will also be extended from 30 June 2019 until 30 June 2020. This incentive is available for all small […]

The 2015 Financial Year saw the introduction of the Government’s Exploration Development Incentive (EDI). This is a targeted scheme designed to encourage investment in small exploration companies and thus stimulate activity in a much needed sector. Where a company elects to participate they can distribute a portion of their tax losses to shareholders as an exploration credit.  […]

From 1 July 2016, any buyers of Australian residential property which has a value of $2m or more will need to consider if they should withhold 10% of the sales price and pay it to the ATO. These rules were introduced to ensure that non-residents selling property in Australia paid the appropriate tax on any gain […]

The Small Business CGT concessions continue to be vexing. In a new decision of the AAT in Miley’s Case (Miley and Commissioner of Taxation [2016] AATA 73) we have received further insights into the concept of what is market value. In particular, the AAT held that the price paid by a third party was not the […]

The Government has now released a discussion paper in relation to tax incentives for early stage investors. These incentives are intended to encourage investors into Australian “innovation companies”. These are essentially companies which: Were incorporated in Australia within the last 3 years; Have assessable income of $200,000 or less in the prior income year; Had expenditure […]