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SMSF Asset Valuations And The Contribution Caps

Posted by Team AVS on 28 May, 2018  0 Comments

Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may also find themselves facing action by ASIC.

The new contribution caps require that assets of the fund, as at 30 June 2017, must be properly valued to determine the fund’s total asset value.

If

Company Directors: Do You Really Know Your Responsibilities?

Posted by Team AVS on 19 May, 2018  0 Comments

As though business owners and principals don’t already have enough on their minds, discussion about the ups and downs of the business environment is being heard around the barbecue again — just to add to the list of excuses for not sleeping well at night.

Company directors especially need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company (see

Federal Budget 2018

Posted by Team AVS on 12 May, 2018  0 Comments

The item that may receive the most analysis from the whole of this year’s federal budget will be the increase of the 32.5% tax bracket, and an expansion of the Low Income Tax Offset.

A win for small businesses in this year's budget sees the retention of the $20,000 instant asset write-off for another 12 months until 30 June 2019. Also a limit will be imposed on the amount of cash payments made to a business. There is also a change to the R

DEALING WITH TAX AND RENTING VIA AIRBNB

Posted by Team AVS on 5 May, 2018  0 Comments

Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”, to rent out a room of their house or their whole house for a short-time basis via its online platforms.

While the focus here is on Airbnb, the tax concepts outlined could be applied i

SMSF commutation requests: How to get the green light from the ATO

Posted by Team AVS on 28 Apr, 2018  0 Comments

The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review.

With recently introduced superannuation rules now in effect (from 1 July 2017), superannuation members with income streams that are valued in excess of $1.6 million will need to commute the excess by 30 June at the latest in order n

Duties and taxes when you buy online from overseas

Posted by Team AVS on 21 Apr, 2018  0 Comments

Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also, the usual duties or taxes should apply.

Customs duties are regulated by the Department of Home Affairs (a recently formed body from December 2017, which now oversees the Australian Customs Service as well as Immigration and Border Protection).

Relevant facts to kee

Crackdown on “other” work related expenses, and inquiry into tax deductibility

Posted by Team AVS on 14 Apr, 2018  0 Comments

It seems that the ATO will be taking a dim view (or dimmer, this year) of the abuse of work-related expense claims for individual taxpayers. The total value of such claims rose to a record $21.2 billion in 2017, and reports contend that the ATO is concerned about over-claiming and even outright fraud.

ATO advice for taxpayers, before including claims for work-related expenses at the label for “other” work-related expenses for 2018 tax time

Bitcoin: Its place in your wallet or SMSF portfolio

Posted by Team AVS on 7 Apr, 2018  0 Comments

While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 cryptocurrencies in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but sits in an electronic register.

What makes bitcoin work, where previous attempts at electronic cash did not, is in the magic of something called blockchain.


Selling a business? Don’t forget the “going concern” GST exemption

Posted by Team AVS on 30 Mar, 2018  0 Comments

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold.

The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to continue trading. The ATO says a supply of a going concern occurs when:


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