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SMSFs: ATO to check on investment strategy compliance

Over 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justify their diversification risk. Diversification is just one of five key matters that all SMSF trustees must regularly review...

Claiming work trips for business owners

Do you sometimes take work trips for your business – perhaps to overseas conferences or interstate clients? When a trip is clearly for business purposes only, the rules for deducting your expenses are fairly straightforward. You can claim airfares, taxis and car hire...

Too smart to be scammed?

Many Australians believe they would never fall victim to a scam and could confidently spot one or know what to do if they were targeted. However, scammers are becoming more sophisticated in their attempts to trick people into paying money or providing personal...

Using prior tax losses after a change in control

Until recently, a company that had experienced a significant change in ownership or control could only carry forward its earlier tax losses to a later income year if the company carried on the “same” business after the change. However, a new alternative test that...

Is SMSF right for you

Thinking about setting up an SMSF? For many people, SMSFs are a great option for building retirement savings, but they may not be suitable for everyone. Before setting up an SMSF, it’s essential to be fully informed about the pros and cons of an SMSF structure. While...

Is the tide turning on the property market?

For the first time in years, the planets seem to be aligning for homebuyers and property investors. Interest rates are falling, property prices largely appear to be stabilising and constraints on bank mortgage lending have been relaxed. It’s welcome news for...

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