by Affinity | Jul 22, 2013 | Latest News
This financial year, the ATO will be conducting a campaign to make sure employers who have purchased a car during the fringe benefits tax (FBT) year are aware that they may have FBT obligations. An FBT year runs from 1 April until 31 March. Data has been...
by Affinity | Jul 22, 2013 | Latest News
The Australian Taxation Office has advised there will be increased audit activity in the coming year targeting contractor arrangements. The introduction of the new contractor reporting regime, which will apply to the building and construction industry from 1...
by Affinity | Jul 22, 2013 | Latest News
Introduction Since 2007 self-managed super-funds (SMSF’s) have been able to borrow for investment purposes to buy real property and other assets such as shares. There are a number of conditions applying which include: the loan must be used for the purchase of a...
by Affinity | Jul 22, 2013 | Latest News
Clients with a Self Managed Superannuation Fund (SMSF) may be aware that, if the fund pays a pension, income from the assets supporting the pension can be exempt from tax (the ‘pension exemption’). However, if the pension ceases, this generally means that the...
by Affinity | Jul 22, 2013 | Latest News
The ATO has warned trustees of Self Managed Superannuation Funds (SMSFs) to be cautious when investing in property. The ATO is concerned that people are using their SMSFs to invest in property without fully understanding their obligations under the law, or that...
