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From the monthly archives: January 2014

We are pleased to present below all posts archived in 'January 2014'. If you still can't find what you are looking for, try using the search box.

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

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