Buying Property In Your SMSF, Using Borrowed Money
Self Managed Superannuation Funds (SMSF’s) are highly regulated with a key rule being that your SMSF cannot borrow money except for limited, specific circumstances. Thankfully, one of those is borrowing to buy an asset – as long as you meet very strict rules.
One of the more common questions we get regarding what a SMSF can do, is whether it can buy and investment property, and if it can borrow to do so.
We have the answers for you here.
How to get your ATO Statement of Account
Have you ever been asked by a bank or mortgage broker for a copy of your ATO statement of account, ATO portal reports, or ATO tax accounts? We show you how to get these.
Federal Budget 2022
We have compiled a short, easy to read summary of the important things in the 2022 Federal Budget. A tax cut, petrol price relief, payments to pensioners and aged care workers, payments for apprentices, and small business tax reductions are the headline acts.
Sick Leave for (Some) Casual Staff
Unexpectedly, on Monday the 14th of March 2022 the Victorian State Government announced a 2 year trial of paid sick leave for (some) casual employees and the self-employed. Essentially, eligible workers will receive 5 days (38 hours) of paid sick and carers leave in a 12 month period, funded by the taxpayer.
Largely unpublished , is that self-employed people can also be eligible, and we’d like to highlight they they can be eligible under this program.
ATO Crackdown on Trusts
If you are involved in a discretionary trust (commonly known as a family trust), then you need to know that the ATO are on the warpath. Where your trust is used to shift income to family members on lower tax brackets – you might be in for a nasty surprise soon.
The ATO is seeking to essentially tax trust distributions given to family members that do not actually receive that money, at the top tax rate.
Hiring Employees Checklist
Don’t start off on the wrong foot when hiring employees. Getting it wrong costs money and can cause some very unpleasant outcomes in the future.
Our advice. Do your research and get advice. A couple of hundred dollars now can save you tens of thousands later.