Coalition says 'no' to ban on borrowing by SMSFs

The Coalition has recommitted to allowing self-managed superannuation funds to borrow for property despite warnings from regulators that the real estate correction could wipe out the nest eggs of some investors.
A new report by the Council ...
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SMSF suffered no pain The Hayne Roral Commission

Two key issues on Superannuation from the Hayne Royal Commission were Agency Conflict and Invisibility of Fees (especially for no service).  These two issues could be summarised as essentially poor and conflicted governance.
These stru...
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False BAS claims leads to 30-month jail sentence

On Friday, the Maroochydore District Court sentenced a tax payer to two and a half years in jail for GST fraud and ordered him to repay more than $130,000 that he fraudulently obtained. Between October 2008 and February 2013, the tax payer lodge...
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Government's instant write-off extension

The government’s announcement to not only extend the instant asset write-off for small business but also the increase in the limit from $20,000 to $25,000. The PM Scott Morrison announced on Tuesday that the $20,000 write-off will be extende...
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No Refund of Franking Credits as per Labour

 The house and Government of the Commonwealth of Australia and the Opposition were requested by the Australians, not to change the Current Franking System that will unfairly discriminate against hundreds of thousands of Australian Share Inves...
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Do I have to pay tax on my Australian property?

If you are a foreign resident and you earn rent from an Australian property:

  • You should lodge a tax return each year and include your “net rental income”, that is, rental income minus rental deductions. Deductions in...
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Trusts tax reform set to go ahead under Labour

As part of its reforms, Mr Shorten outlined that Labor would introduce a minimum 30 per cent tax rate for discretionary trust distributions to adults. The report released by RMIT University this week, which was commissioned by the ATO, stated that...
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No CGT exemption for non-residents

From 30 June this year, the general exemption from capital gains tax (CGT) for a principal place of residence will be lost to foreign tax residents.It is a change to the status quo that has been in place since CGT was introduced in 1985, with an i...
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Consequences of not having an estate plan

Estate planning is more than just managing the often significant risks of transferring clients' hard earned wealth. Traditionally, technical, legal and tax discussions around estate planning tend to focus on strategic advice and instruments,...
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