smsf investment property

01 Aug Considerations for purchasing a property through an SMSF

It is vital for those with a self-managed super fund (SMSF) to carry out all the necessary checks before purchasing a property in their SMSF, especially when borrowing is involved. Investment strategy The SMSF’s investment strategy must be considered. If the purchase of a property will cause the fund’s other investments to be out of alignment, trustees should consider amending the investment strategy before purchasing a property. Resources Trustees...

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seniors tax

01 Aug Transferring the seniors and pensioners tax offset

The Seniors and Pensioners Tax Offset (SAPTO) is a tax offset for retirees who are at the Service Pension age or the Age Pension age or older. Those who have received SAPTO may be eligible to transfer unused portions of their offset to their spouse. When transferring unused SAPTO, both the receiving individual and their spouse must be eligible to claim the offset and be an eligible...

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Fringe Benefit Tax

27 Jul Work-related items that are exempt from FBT

There are a number of employee benefits that are exempt from fringe benefits tax (FBT). They include the following work-related items: portable electronic devices (mobile phones, laptops, tablets, portable printers and GPS navigation receivers) computer software protective clothing briefcases tools of trade The FBT exemption is limited to items that are primarily for use in the employee’s employment or one item per FBT year for items...

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tax deductions

08 Jun Tax deductions that are often forgotten

A quick scan of the average taxpayer’s wallet of receipts or documents in the home office can result in quite a few expenses they can claim as tax deductions. However, some of the most obvious get forgotten on a regular basis. While not all available tax deductions will apply for every individual (since claimable items vary based on the work they do and other personal circumstances),...

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