On 2 April 2019, the Treasurer of Australia, Josh Frydenberg, announced the 2019-2020 Federal Budget. Highlights include personal tax reductions for low- and middle-income earners, the extension of the instant assets write-off to more businesses, superannuation and social security measures to assist older Australians, and a strengthening of the ABN rules.
News / SMSF Accounting News
SMSF ACCOUNTING NEWS
Latest news about SMSF accounting and taxation from Billings + Ellis, the SMSF accountants in Melbourne.
An important reminder for property investors is that trips to visit residential rental properties are no longer tax deductible. There are some exceptions but individuals and SMSFs with one or more rental properties are not considered to be in the business of letting rental properties for related travel expenses incurred from 1 July 2017.
The 2018-2019 Federal Budget, handed down on 8 May 2018, focused on personal taxation, business taxation, superannuation, and measures to assist older Australians. Here, highlights are explained with tables to help calculate savings or changes to previous circumstances as the Budget 2018-2019 measures are brought into effect.
If you’re the owner of an income producing property, then you are eligible to claim tax deductions for a number of expenses involved in holding the property.
There are a number of changes to superannuation starting on 1 July 2017 that are summarised below however, the key question is to decide what has to be done before 1 July 2017.
There were no major superannuation measures in the May 2017 Budget, with slated super reforms commencing 1 July 2017. However, there are now changes to depreciation and deductibility which many residential property investors, including SMSFs with residential property investment portfolios, will need to take into account. There is also encouragement for people over 65 to downsize their own homes to make a non-concessional super contribution from proceeds, the general idea being to help free up the stock of larger homes held by empty-nesters for more effective usage.
If you’re involved in property investment and superannuation decision-making and administration, here are the key points to consider:
The May 2016 Federal Budget announcement has delivered changes that will affect many people of all ages and stages in life. Some changes affect small business owners, and changes to taxation and superannuation (which includes SMSF members) will affect almost everyone. It’s not all bad news, of course! The changes for business owners and wage-earners are generally being received as favourable. Here we summarise the major changes, in easy point form. As always, we’re here to discuss the finer details and implications with you.
What happens when a property held by an SMSF needs repairs? Is it possible to use borrowed funds for renovations? Geoff Morris explains the rules…
Billings+Ellis is using Class software exclusively for handling the superannuation and self-managed superannuation funds of the firm’s clients.
What do we like about Class for SMSFs?
Class allows us to administer and audit SMSFs with greater efficiency, which in turn helps us to keep costs down and our services and fees more competitive.
Now the end of the calendar year is fast approaching, and many businesses shut down or partially close over the Christmas and New Year period, it is a good time for business owners to focus on areas they would normally put to the bottom of the pile. These may include:
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