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Does property make sense in an SMSF?

Does property make sense in an SMSF? Source SMSF Adviser : Wednesday 29 January 2014   Columnist: Tony Greco   If people are being lured into setting up an SMSF solely to borrow to buy property, it is both valid and pertinent for the regulators to remind the public of the risks.    A new class of property buyer/investor has emerged. With the ability for superannuation funds to buy residential property through borrowings, some investors have established SMSFs to do just that. Recent legislation allowing SMSFs to borrow has encouraged a growing number of SMSFs to use borrowed money to gear into property, both commercial and residential, via a limited recourse borrowing arrangement (LRB). Limited recourse essentially means no other assets of the fund are used as security for the loan. In the event of a default, only the geared asset itself can be sold to cover the loan. People have always had a passion for holding property as a geared investment outside of sup ...
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ATO data-matching targets bank card sales

The ATO has announced that it will request and collect data relating to credit and debit card sales of merchants for the periods from 1 July 2012 to 30 June 2014 from various financial institutions, including the four major banks in Australia: Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation.

The ATO says the data acquired will be matched with certain sections of its data holdings to identify non-compliance with various tax obligations, including under-reporting or omitting business income. Records relating to 900,000 merchants are expected to be matched under the program

What can we buy our company for Christmas? Taking advantage of the instant asset tax write-off

We have until January 1 to install new PCs, printers, storage systems and servers, update a firewall or invest in a large TV for displaying charts on the office wall.

If your business is turning over less than $2 million you can claim an instant asset tax write-off on goods up to the value of $6500 in one year. After January 1 this will only apply to goods up to $1000 in value. see more

Small Business Benchmarks - how does your business rate ?

ATO Small Business Benchmarks have been updated with the 2011 income and activity statement data. 


If your business is outside of the benchmark for your industry, this might  indicate you are not properly recording all income, in particular cash income.


See how you rate at ATO Small Business Benchmarks.

No enterprise, so GST credits refused

No enterprise, so GST credits refused The AAT has refused an individual's claim for input tax credits as it found no evidence that the individual was carrying on an "enterprise". The individual claimed that before she was required to serve a term of imprisonment, she had tried to start a "services business". She claimed that she had purchased, among other things, two motor vehicles, various office equipment, and business promotional materials. The individual made claims for input tax credits totalling almost $74,000 in respect of the various purchases over four years. However, the individual said the attempts to start the business did not succeed and straddled her term of imprisonment. The individual also claimed that any records she had of the purchases were lost or destroyed, or that she had not been asked to produce documentation by the Tax Commissioner. The AAT said the individual was given various opportunities to produce documents to back her claims before the hearing; however, it noted that her e ...
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Plumbers were full-time casuals, not contractors

Plumbers were full-time casuals, not contractors The AAT has found that individuals working for a plumbing business were employees of the business and that the business was required to provide superannuation contributions for them. The business argued that the workers were independent contractors and that there was no superannuation requirement. After reviewing the individuals' relationship with the business, the AAT was of the view that, effectively, the workers were full-time casuals paid on an hourly rate and not eligible for holiday or sick leave. The AAT considered various factors, including that the individuals all had the same contract (with the same terms) with the business. The AAT said one would expect independent contractors to have differing terms, but the fact that their contracts were the same was "extraordinary". Another key factor was that the hourly rates charged by the workers to customers were largely set by the business. Overall, the AAT concluded that the workers were employees and ...
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Brisbane's booming tech start-up scene ready to stand with Sydney and Melbourne

Brisbane's booming tech start-up scene ready to stand with Sydney and Melbourne


The Brisbane start-up scene is beginning to take off, as a range of organisations and government departments begin to gather together the increasingly active and diverse start-ups.

The Psychology of Sales seminar 6 September 1 pm @ Whytes

Whytes Accountants invite clients to a special session of our Better Business series. THE PSYCHOLOGY OF SALES AND DIFFERENTIATING VALUE With Robyn Johnstone & Geoff Richman As the Managing Director, CEO or Business Owner you recognise the importance of Sales to the business. Understanding the “Psychology of Sales” must be our starting point to reaching The Holy Grail of increasing margins and sales volume while maintaining and growing valuable customer relationships over the long term. This concept of customer relationship building we call “Differentiating Value” – it has a place in every organisation. “Selling has changed more in the last ten years than it did in the previous hundred. Most of what we think we understand about selling is constructed atop a foundation of assumptions that has crumbled.” - Daniel H. Pink, 2012, To Sell is Human The Psychology of Sales and Differentiating Value Friday September 6th 1pm Whytes Accountants 12 Bage Street Nunda ...
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PAYG, trusts and fringe benefits tax: The ATO’s small business crackdown

Tax Savings with Whytes Year End Planning 2013

Whytes - Year End Planning 2013

Tax planning is essential when looking to provide tax savings and when carried out correctly can save both individuals and companies considerable amounts. Taxpayers can manage their taxable incomes through a number of tax planning initiatives which Whytes have explained in their Year End Planning guide to help with managing taxable income. 

The tax saving initiatives explored by Whytes include:

  • Deferring income

  • Trusts

  • Capital gains tax

  • Superannuation

  • Maximising deductions

  • Companies

  • Fringe benefits tax

  • Individuals

Read Whytes Newsletter Year End Planning 2013 to find out how you can maximise your tax savings.

Contact Whytes for advice on tax planning and how to achieve financial success.

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