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Claiming Work Related Deductions

Claiming Work Related Deductions

It is that time of the year again, tax time! One of the key questions we get at this time of year is clients asking what they are entitled to claim against their taxable income.

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Monday 7th July 2014    


SMSF annual obligations

SMSF annual obligations

As the end of the financial year is fast-approaching, it is important that trustees of SMSFs understand their obligation to ensure compliance with current legislation.

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Tuesday 27th May 2014    


The Budget Repair Levy

The Budget Repair Levy

Today Treasurer Mr Hockey handed down the 2014-15 Federal Budget. Anticipation was high with media speculation rampant that significant changes would be announced following the recent release of the National Commission of Audit report. It is also Mr Hockey's first budget.

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Tuesday 13th May 2014    


Small Business Tax Concessions

Small Business Tax Concessions

It is no secret that in Australia small businesses receive favourable tax treatment. With a range of concessions on offer it is important for small businesses to know if they are eligible and exactly what they are eligible for.

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Monday 21st April 2014    


The Sole Purpose Test

The Sole Purpose Test

As SMSF balances grow one of the common things we see here at GMD Accounting is clients considering the purchase of property, whether residential or commercial, in their fund. One of the key tests that we ensure they consider when evaluating whether or not to purchase a property, is the Sole Purpose Test.

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Wednesday 9th April 2014    


SMSF property traps

SMSF property traps

Investing in property through a complying self-managed superannuation fund (SMSF) can be highly tax effective. Before a member of a SMSF starts drawing an income stream from the fund, the rental income from a property owned by the fund net of tax-deductible expenses is taxed at the flat concessional tax rate of 15%, compared with the highest marginal tax rate including Medicare Levy of 46.5% applicable to an individual. Any capital gain derived by a SMSF on the sale of a property if it has been held for at least 12 months is taxed at a flat rate of 10% after the CGT discount, compared with 23.25% on any discount capital gain derived by an individual.

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Wednesday 19th February 2014    


ATO changes its tune on SMSF borrowing

ATO changes its tune on SMSF borrowing

The ATO has long insisted that once a limited recourse borrowing arrangement (LRBA) has been fully repaid, the property must be transferred to the trustee of the SMSF, otherwise the investment will be an in-house asset (and for most SMSFs this will present compliance challenges). This has resulted in SMSFs incurring unnecessary expenses as a result of having to formally transfer the property, together with double duty in some cases.

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Thursday 6th February 2014    


The ATO's New Year Resolutions

The ATO's New Year Resolutions

The Australian Taxation Office has launched a new campaign that aims to help Australian businesses meet their tax obligations in 2014.

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Wednesday 15th January 2014    

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