Entries by synecticgroup

No more zone tax offset for FIFOs

In the 2015-16 federal budget, the government announced that it will exclude “fly-in-fly-out” and “drive-in-drive-out” workers from claiming the zone tax offset (ZTO) where their normal residence is not within a “zone” (access the Australian zone list here). The measure was not passed by Parliament until late in 2015, but it is now law, effective […]

SMSF limited recourse borrowing arrangements

Do you understand when your self-managed superannuation fund (SMSF) can borrow and when it can’t? Generally, SMSFs are not able to borrow to acquire assets. The rationale is that superannuation is meant to be a relatively conservative investment vehicle, and borrowing can put the fund at risk.

Tax Office targets expats who claim non-resident status

The Tax Office has sent letters to people living overseas who have made claims as non-residents for tax purposes. We strongly recommend that expats consult with their tax professional prior to responding to the letter as international tax matters further compound the already complex tax rules.

Does your SMSF need an Actuarial certificate?

An Actuarial certificate is a statement provided by a qualified actuary to confirm the proportion of an self managed superannuation fund’s (SMSF)  income that should be exempt from income tax. The tax treatment of a fund depends on whether it is in accumulation or pension phase, or a combination of both.

How can your business claim website costs?

Your business can claim website development and maintenance costs under various tax rules. As a business owner you probably know by now that you need a website; whether to display your credibility, ensure you are accessible, target a wider audience, showcase your work or transact with your customers. Since most consumers now search online before making a purchase decision, […]