CALL US: (07) 3367 0999 | EMAIL US:

Lost or destroyed tax records

Posted on May 26, 2015 by admin


Taxpayers are responsible for safely storing a written backup copy of their tax record in case the original electronic form becomes inaccessible or unreadable. Where the tax records are accidently lost or destroyed from a burglary or fire, the ATO will allow a taxpayer to claim a deduction for certain expenses. The conditions are: – The taxpayer has a complete copy of a lost or destroyed document. – The ATO is satisfied that the taxpayer took acceptable precautions to avoid the loss or destruction of the form. If the tax record was a written document, it is not reasonably possible to attain a substitute document. It is important that taxpayers keep a record of these circumstances and inform the tax office in writing to back up the claim.


Keep Reading...


SMSF and investing in property

Posted on by admin


While using a self-managed super fund (SMSF) to buy an investment property has become increasingly popular, members must carefully consider whether it supports their overall investment strategy before they go ahead with this investment approach. There is a condition that the SMSF trustee or any of their relatives cannot buy the property with the intention to live in it. The sole purpose of using an SMSF to buy a property must be to build wealth for retirement. With this in mind, a member must buy an investment property for logical reasons and not because they are emotionally attached to it. The importance of the property’s return on investment outweighs the property’s views and facilities. Before purchasing an investment property, a SMSF member must evaluate how long it will take them to repay the debt. Current rent rates and the level of superannuation payments made by members should provide an indicator of whether it will be paid off in time for retirement. Otherwise, they may need to factor in selling the investment at the time of retirement or putting off their retirement. Members must also take into consideration that some investment properties are more suited to a SMSF, such as properties with […]


Keep Reading...


Business
advice

taxation
planning

compliance
services

News

Authority for super complaints introduced

December 14, 2018

The new Australian Financial Complaints Authority (AFCA) will make it easier for individuals and small businesses to make complaints about their superannuation financial firms.

The Coalition government has responded to criticisms of previous dispute resolution bodies by creating a new financial disputes framework. AFCA has been described as a “one-stop shop” that will improve outcomes for consumers and increase the efficiency of the dispute resolution process.

AFCA’s jurisdiction
AFCA has been given authority over a range of complaint areas including:

What you can make complaints about
Your super complaint to AFCA must adhere to its governing rules. AFCA has specific time limits for complaints but no monetary limits.

You can make complaints about: