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Those living in households where one spouse has a much lower super balance may want to start considering their options as to how to even up the superannuation imbalance. In Australia, many couples and families have at least one member with limited finances due to taking time off work to raise a family. But there are steps many couples can take themselves to help fix the imbalance, including: Salary sacrificing Salary sacrificing involves forgoing part of your salary today to obtain greater financial security in the future. It is an arrangement that must be put in place with an employer, […]
Also to read
SMSFs: Getting SuperStream right
Posted on October 2, 2015 by editor
Although the new SuperStream standard for superannuation payments can provide SMSF trustees with a number of benefits, around five per cent of SMSFs fail to comply with the SuperStream requirements. Under the new SuperStream system, a non-related employer must send superannuation contributions to an SMSF electronically, using an electronic service address (ESA). For this to happen, an SMSF must first be registered with a messaging provider to obtain an ESA. One an SMSF has been registered, the messaging provider will link the SMSF to an ESA. The employer cannot send SuperStream contributions electronically to the SMSF until this is done. […]
The ATO is closely scrutinising employees who make abnormally high work-related expense claims. The tax office is using advanced data and technology to identify and investigate claims that stand out from the usual. They are repeatedly targeting people who claim a tax deduction for using their computer, phone or other electronic devices to perform duties, transport bulky tools and equipment, or travel between work and home. If an employee has to use their computer, phone or other electronic devices for work purposes, they cannot claim a private usage portion. They must ensure they claim the correct amount and have evidence […]
The ATO is targeting holiday-home owners who are over-claiming on tax deductions for periods when their property isn’t being leased. Some owners have been rejecting tenants so that their holiday home is available for them to use. They provide their accountants with authority to rent documents to make it appear that they are trying to rent the house. They then use the tax deduction to claim ongoing property maintenance costs to upkeep it for potential tenants. For example, an investor rented out their holiday home to friends and family at a lower-than-market rate and tried to claim a deduction. The […]
Australians who work overseas for an extended period of time should be wary of the tax implications that can arise from taking up such offshore opportunities. The tax residency status of an Australian who move overseas for employment plays a key role in determining how much tax that person is required to pay in Australia. Individuals who are “residents” of Australia for Australian tax purposes are taxed on both their Australian sourced and worldwide income. Individuals who are classified as “non-residents” are taxed only on their Australian-sourced income. Non-residential individuals are also ineligible for the $18,200 tax-free threshold, and therefore, […]