Search results

As an accountant, I used to receive copies of this publication. The publication itself is quite well written, however as a professional I was already receiving the same information / updates / rulings etc for free from the ATO and other organisations / subscriptions. I wouldn't recommended...

Have you tried BPAY? Super funds normally make it as easy as possible to make payments (contributions) into the fund.

Yes - you always need to be careful who you listen to on internet forums. I always try to support any information I provide with references - direct to the relevant law if possible. Even information from professional associations can be 'tainted' by the professional opinions of the author...

To add to the confusement, technically there is nothing preventing a SMSF from running a business of any kind - even a property development business. However, the trustees of the SMSF could run into other problems such as: Sole purpose test Investment strategy Financial assistance to...

Hi Joman, I haven't used PIA for a few years, but as far as I know it may not be possible to change the settings / variables to reflect the different tax rates for a SMSF rather than an individual investor. I suggest you try the following to compare the difference in cash flow etc between...

Based on the scenario you have given (assuming the full $500k is OTE) then $20k of the $45k will be assessed as excess contributions. There is currently no ability for anyone to opt-out of the 9% SGC Some industry groups, such as SPAA are pushing for this to be changed. There is a...

So much good information on SMSF borrowing in this thread! I would firstly like to point out that there is some fantastic information contained in this thread - probably a lot more than what is contained on numerous other websites. :) Special thanks to Bill (BV) for sharing his experience of...

There are some great strategies available to SMSF investors using limited borrowings from a related party lenders such as: The ability to avoid excessive upfront fees and ongoing 'premium' interest rates charged by the banks on limited recourse loans Getting the best of both worlds by...

Seano, You will not pay tax twice. The tax you pay in the USA (both state and federal) will be converted into a foreign tax offset. You will convert the US rental income to Australian dollars and report it in your Australian tax return. You will get a credit for the tax you have...

Hi Primaus, Would you like a referral to a good tax accountant in Melbourne? Let me know

Thanks Mike It is good that the ATO has finally formalised this issue - however they have always commented that it would be the case. The ATO has been very busy recently in regards to providing a lot of positive clarifications in the form of interpretive decisions relating to the SMSF...

Agree mostly with the above comments. There is never a one-size-fits-all answer - each family must weigh up the pros and cons of each and determine what is most suitable for them based on their personal needs. You really need to do a cost benefit analysis - and if you have a smart accountant...

I guess that leaves QLD as the only state without Stamp Duty concessions for transferring business real property into a SMSF. 1 hour and 100 years behind as usual. I would be interested to hear from anyone who has (or is in the process) of transferring a business real property into a SMSF...

Hey QRR - did the accountant also prepare financial statements for the HDT? If it was only tax returns, then it does seem a little high. Also look at the overheads of the accountant - if it is Brisbane CBD then they will be more expensive (typically) as they have to pay more in rent etc...