SMSF obligations when members are overseas

Posted by Team AVS on 21 Feb, 2020 0 Comments

To be a complying fund and receive the tax concessions we all associate with super, an SMSF – like all superannuation funds –must be classified as an Australian superannuation fund. Yet this definition becomes more complicated to meet when SMSF members move overseas. When this happens, trustees need to know what, if any, action they need to take to make sure their fund remains compliant.

Legislative Background

Section 42 of the Superann

What you need to know about the First Home Super Saver Scheme

Posted by Team AVS on 3 Feb, 2020 0 Comments

The First Home Super Saver (FHSS) scheme was introduced a couple of years ago with an aim to reduce pressure on housing affordability. The scheme allows eligible taxpayers to save money for their first home inside the superannuation system. The government says this concessionally taxed environment will help first home buyers save faster.

How it works
Under the scheme, a taxpayer can make voluntary concessional and non-concessional contributio

Accessing your payment summary or income statement

Posted by Team AVS on 21 Jan, 2020 0 Comments

How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or income statement) depends on how your employer reports your income, tax and super information to ATO. You will be provided with either:

An income statement – if your employer reports your income, tax and super information to us through Single Touch Payroll (STP) they are no longer required to give you

Trust distributions from a discretionary trust

Posted by Team AVS on 7 Jan, 2020 0 Comments

TRUST

The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets. A trust is not a legal entity. It is best described as a legal “relationship” that is controlled by the trustee of the trust under the terms of the trust deed.

TRUSTEE

The trustee is the controlling mind of the

If you’re in business, you need to know about the PPSR

Posted by Team AVS on 24 Dec, 2019 0 Comments

There is a simple step that many businesses can take to better manage the risk that can attach to certain assets

Not so many years ago, a new scheme was introduced, which also established a national register, that could affect anyone who answers “yes” to any of the following scenarios — are you in business, and do you:

sell goods on retention of title terms?
hire, rent or lease out goods?
buy or sell valuable second-hand goods or

CGT concessions: Does your business qualify?

Posted by Team AVS on 19 Dec, 2019 0 Comments

Wondering if you’re eligible to claim the CGT concessions can be settled by answering a few basic questions.

In addition to the capital gains tax (CGT) exemptions and rollovers available more widely, there are four additional concessions that allow a small business to disregard or defer some or all of a capital gain from an active asset used in the business:

50% active asset reduction – where you can reduce the capital gain on an

To claim vehicle expenses, odometer records are not strictly “set-and-forget”

Posted by Team AVS on 10 Dec, 2019 0 Comments

The rules for individuals making claims for vehicle expenses (which apply to both employees and non-employees) state that taxpayers are required to substantiate claims for a vehicle that is used for income-producing purposes.

Remember however that unlike other work-related expenses, the $300 substantiation threshold does not apply to claims made for car expenses.

There are two methods to choose from (from the 2015-16 income year) — the lo

Small business: Low-cost assets and the threshold rule

Posted by Team AVS on 25 Nov, 2019 0 Comments

There is a rule in the tax law that allows a business that doesn’t use simplified depreciation to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets.

Known as the threshold rule, this can help small business owners save time as well, because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature (generally written-off over time).

Benefits that attract FBT, but not the requirement to report them

Posted by Team AVS on 4 Nov, 2019 0 Comments

Employers may have heard about certain fringe benefits that, while still subject to the tax, do not have the same reporting burden as other benefits. There can be consequential or flow-on affects from this exemption from reporting, such as the influence this can have on adjusted taxable income.

Employers are not required to allocate the following excluded benefits to employees or report them on income statements (payment summaries).

Entert

Fictions (and facts) about work expense deductions

Posted by Team AVS on 12 Oct, 2019 0 Comments

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others.

This year’s tax time saw media reports about various outlandish tax claims — for example the ATO being faced with claims for dental expenses, gambling losses, Lego sets, sunscreen (and an umbrella) for cigarette breaks, and even the cost of a wedding reception (all rejected,

“I was looking to move away from accounting on spreadsheets so that I could have better control over my business. AVS Business Services looked in detail at my accounting needs and helped me choose the solution that is best for me. I am very pleased with the inputs I receive from them on a regular basis and would recommend their services to anyone without hesitation”

Deepak Kumar Director, D.S Webtech Pty Ltd

AVS Business Services have been our Accountant for couple of years now. This technical expertise coupled with personalised service is an excellent combination. I would happily recommend them to anyone looking for an accountant.

Atul Narang Designworxz Australia Pty Ltd

"We've utilised the services of AVS Business Services for a few years now and can honestly say the team of AVS have always provided excellent service on a personal and business level. Nothing is too much trouble and they're readily available to assist at the drop of a hat. Their service sets them apart from previous accountants worked with. We would definitely recommend their service to anyone looking for an accountant.”

Aaron & Linda Henry A.B Henry Pty Ltd

“Team at AVS Business Services helped us set up our SMSF and put the correct structure in place for acquisition of real properties in our SMSF. AVS has exceeded our expectations and their specialist team has provided valuable support throughout the process of buying properties in our SMSF. We highly recommend their services. “

G.D Singh & Dr Jaskirat Singh SMSF Trustees

Being a layman with Tax and Accounting and new to Australia, I was looking for a professional and efficient tax accountant who can also help me understand the tax structure here and show some avenues to save money.I was recommended to AVS through my friend and it was no looking back since then.Team at AVS are diligent tax professionals with an eye to detail. They spend time in understanding the requirements and needs of clients, ensuring it aligns with all the legal aspects.I am very pleased working with AVS and would recommend to anyone who is looking for professional, efficient and personalized tax accounting services.

Som Mukherjee IT Professional - Project Manager - Banking and Finance

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