Tips to speed up tax refunds

Many problems can occur when processing activity statements and tax returns which can lead to a delay in the ATO issuing refunds. However, these problems are often caused by small issues and can be easily avoided. Here is a list of tips to help minimise some of the issues that can prevent a speedy tax…

Transferring existing super to an SMSF

Individuals who plan to transfer their existing super from an industry fund into an SMSF needn’t worry about going over their superannuation contribution limit. Transferring these funds, also known as ‘rolling over’, is not considered to be a super contribution since the money is already somewhere in Australia’s superannuation system. It also does not count…

SMSF trust deeds

Trustees of SMSFs are governed by the rules and regulations set out in the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the fund’s trust deed. Trustees need to regularly review the trust deed, as a transaction that is permittable through the SIS Act, may be prohibited according to the trust deed. Superannuation laws are…

Employment termination payments

An employment termination payment (ETP) is a lump sum payment an employer makes to employees when their employment is terminated. Depending on the age of the employee, and the length of their employment, the amount of an ETP may be taxed at a different rate. An ETP may encompass a tax-free portion, a concessionally taxed…

How negative gearing works

Negative gearing is a popular tax strategy that gives investment property owners the ability to offset the cost of owning a property against their assessable income. Negative gearing involves generating short to medium term tax losses, which arise from tax-deductible costs that are higher than investment income, and leveraging this to increase exposure to potential…