Tax and Super August 2022 Newsletter
With interest rates rapidly increasing, homeowners are being encouraged to look around for a better deal on their home loan. ASIC has recently released some tips if you are doing so. These include asking your existing lender for a better deal, negotiating the length of your new loan, factoring in the cost of possible lender mortgage insurance, comparing a range of accompanying fees and charges, and more.
Rental property claims are being heavily scrutinised by the ATO this Tax Time. The ATO is urging rental property owners to ensure they carefully review their records before declaring income or claiming deductions.
Meanwhile, recent data from the government’s MoneySmart website and the Association of Superannuation Funds of Australia helps individuals answer the perennial questions: how much superannuation will you need to retire? And how much are you likely to spend in retirement?
ATO rental property focus – this Tax Time, the ATO is homing in on rental property claims. Declaring all related income, correctly claiming any expenses over the correct period, and retaining appropriate records are all in focus.
COVID-19 relief for SMSF trustees now at an end – the ATO has reminded SMSF trustees that the COVID-19 relief and support offered to SMSFs is now over. This support related to residency, rent relief, loan repayment relief, and in-house assets.
Wash sale arrangements under scrutiny – where you sell and then quickly reacquire shares or cryptocurrency in order to derive a tax benefit, the advantage of doing so may be disallowed by the Taxman. Each arrangement will be judged on its circumstances, however.
GST health check – now that the financial year has come to a close, it’s a good time to check all things GST. Reporting periods, accounting methods, unclaimed GST credits, should all be covered off on.
YourSuper comparison tool – if you have a MySuper fund, the ATO’s YourSuper comparison tool can help you compare different MySuper products and choose a superannuation fund that meets your needs.
Switching home loans – with interest rates increasing quite rapidly, homeowners are being encouraged to look around for a better deal on their home loan. ASIC has recently released some tips in this space.
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