Archives for December 2013

How to Rectify Your Non-Complying SMSF

SMSF-3

LET’S REFRESH: In Part 1 we looked at areas of non-compliance; and then moved onto the potentially draconian tax consequences in Part 2.

If you have a non-complying SMSF, this final instalment will give you some direction (and hope) as to the action you can take.

If you have admitted that you are non-compliant to the ATO, the following considerations will determine your outcome. [Read more…]

The Very Serious Taxation Consequences of Having a Non-Complying SMSF

SMSF-2

IN PART 1, you discovered the main breaches that lead to non-compliance. This article outlines the very ugly tax consequences of being labelled non-compliant by the ATO.

Taxation Penalties

SMSFs are subject to income tax but receive concessional treatment — provided they are complying funds.

A complying SMSF’s assessable income is generally taxed at a rate of 15%. BUT for a non-complying fund the rate is 45%. [Read more…]

Will Commercial Property Keep on Performing?

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Ford-Holden

THERE HAS BEEN a whole lot of negative talk recently about the detrimental impact of the Car Industry leaving Australia.

And clearly, our hearts go out to all the affected workers and their families in car manufacturing and those related component suppliers.

Most of us cannot even begin to imagine the shock and surprise they are now feeling — particularly right on Christmas.

And yet, if you just focus upon the likely impact on the Australian economy … much of the commentary can be seen as misguided. [Read more…]

Floor Loading Traps: Part 2

Floor-Loading2

IN PART 1, you saw how changing the use of a property can affect the loading requirements — and what it can cost you.

Read on to find out who is actually responsible for determining floor loading, Australian Standards, and how to protect yourself. [Read more…]

Getting All The Adjustments Correct at Settlement

Settlement

IN THE CONVEYANCING stage, before settlement, the vendor and purchaser adjust the purchase price to deal with the following matters:

  • Periodic payments of all statutory outgoings (such items as council rates, water rates and land tax); plus …
  • Rent and outgoings payable by a tenant under a lease. [Read more…]