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Latest News from Perth’s Specialists in Mobile Tax Returns
ATO Spells Out its Big FBT Concerns
March 31 and the end of the FBT year is around the corner, so to help taxpayers get things right, the ATO has made public the fringe benefits tax issues that attract its attention. Broadly (not just in relation to FBT), the ATO says the following behaviours and characteristics tend to raise a red flag: [Read more…]
Can a SMSF Invest in Property Development?
The ATO has been sending some mixed messages about property development involving an SMSF, and has indicated that it is one of the issues on its radar for 2018. So is property development an allowable investment for an SMSF? The short answer yes, but be careful. A longer answer is be very careful — it [Read more…]
Expanding the Empire and Retaining the CGT Main Residence Exemption
A question that surfaces now and then in regard to capital gains is whether the main residence exemption extends to additional land acquired after the time of acquisition of the residence. The short answer is yes — provided that certain requirements are met. It should also be noted that where the exemption applies upon satisfaction [Read more…]
