I know, I know – I always seem to be talking about lost superannuation and lost money – but why wouldn’t I when there is just so much of it??

The Australian Taxation Office (ATO) have released a list of the top 10 postcodes with the most lost super – is your postcode on the list?

Take a look:

4740 MacKay, QLD $49.25M

4870 Cairns, QLD $49.10M

4350 Toowoomba, QLD $45.27M

2170 Liverpool, NSW $37.71M

3030 Werribee, VIC $35.53M

2000 Sydney CBD, NSW $35.06M

2010 Surry Hills, NSW $34.72M

4680 Gladstone, QLD $33.69M

2026 Bondi, NSW $32.96M

2560 Campbelltown, NSW $31.28M

That’s a lot of million, and remember it’s just the top 10 postcodes!

To search for lost super, link your myGov account with ATO online services.

Regards

The Australian Taxation Office (ATO) are encouraging all taxpayers with a rental property to ensure they understand their obligations and get their claims right.

Due to enhancements in technology, the ATO have increased their ability to identify incorrect claims, and they want to ensure you don’t get caught!

They’ve provided a number of case studies and I’ll be sharing them with you over the course of five weeks, here’s case study 2*:

Interest

Rental property owner Sarah reported high rental interest claims and was required to provide bank statements as evidence to the ATO.  The statements showed borrowings well in excess of the purchase price of the rental property.  The interest charges relating to the private part of the loan were disallowed.

Sarah was required to pay more than $15,000 back to the ATO.

Don’t be like Sarah!

Here’s case study 1

Regards

*reproduced from the NTAA

If you or someone you know is considering retirement, you might be interested in a new Australian Taxation Office (ATO) project called “Super Scheme Smart”?

This ATO initiative is aimed at providing education for individuals on the potential pitfalls of some ‘retirement planning schemes’.

ATO Deputy Commissioner, Michael Cranston was quoted “after working hard to build a nest egg to fund your retirement, the last thing you want is to inadvertently risk it all by getting involved in a risky scheme. That’s why the ATO is working to help individuals understand what a retirement planning scheme looks like.”

While the features of retirement planning schemes vary, come of the common traits that leave you at risk include:

• a complex scheme that is difficult to understand (usually because it is artificially contrived)
• lots of paper shuffling
• designed to leave a taxpayer with little or no tax to pay, or perhaps even a refund
• provide a benefit in the now (instead of in the future)

Remember the old adage, if it sounds too good to be true then it probably is!

You can report a scheme confidentially by phoning 1800177006 or emailing reportataxscheme@ato.gov.au

For more information visit www.ato.gov.au/superschemesmart

Regards

The Australian Taxation Office (ATO) are encouraging all taxpayers with a rental property to ensure they understand their obligations and get their claims right.

Due to enhancements in technology, the ATO have increased their ability to identify incorrect claims, and they want to ensure you don’t get caught!

They’ve provided a number of case studies and I’ll be sharing them with you over the next five weeks, here’s case study 1*:

Holiday home not genuinely available for rent

John has a newly purchased rental property that had not returned any rental income.  He told the ATO that the property was occasionally advertised on community noticeboards and websites.  John was unable to prove there was a genuine arrangement in which he actively sought tenants, or had taken sufficient steps to genuinely advertise the property for rent.

A rental loss of almost $50,000 was disallowed and penalties were applied.

Don’t be like John!

Regards

*Reproduced from the NTAA