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The consequences of illegal early access to super

Posted by Team AVS on 28 Mar, 2019  0 Comments

Taking super out of any fund early, or encouraging others to do so, without meeting a condition of release, is illegal.

When talking with members, advise them to beware of promoters offering to help them withdraw their super early. These promoters claim your members can withdraw their super early and put the money towards anything they want - this is not true.

Members need to be aware there are serious consequences for withdrawing their sup

Rental travel expenses mostly off the table

Posted by Team AVS on 20 Mar, 2019  0 Comments

The ATO recently highlighted significant non-compliance with the rules prohibiting taxpayers claiming travel expenses related to residential rental properties.

Late last calendar year, the ATO revealed that it had identified 26,000 taxpayers who had incorrectly claimed deductions for travel to rental properties during tax time 2018, despite recent changes to the law in this area.

New rules, introduced just over a year ago, mean that investo

Removing tax-deductibility of non-compliant payments

Posted by Team AVS on 12 Mar, 2019  0 Comments

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.

If the PAYG withholding rules require a business to withhold an amount from a payment that the business makes to a worker, the business must:

withhold the amount from the payment befo

When valuations of property are important for tax

Posted by Team AVS on 4 Mar, 2019  0 Comments

There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands.

A common example of this is in respect of property, and especially for transactions when a valuation is necessary for tax purposes.

For example, let’s say that Humbert transfers his rental property to his daughter Dolores for no consideration. The tax law, specifical

Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.