Legal changes just passed by Parliament require mortgage brokers to act in the best interests of consumers when providing consumer credit assistance or face much stronger penalties. These changes also reform mortgage broker remuneration by requiring the value of upfront commissions to be linked to the amount drawn down by borrowers instead of the loan...

The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received assent on 17 February 2020. The legislation includes a range of measures targeting illegal phoenixing including penalties for directors related to GST liabilities (making directors personally liable for unpaid GST if the unpaid liability is not paid within 21 days of a director penalty notice...

The SMSF Association held its annual conference recently, which was addressed by Assistant Minister for Superannaution, Senator Jane Hume, who stated that it remains government policy to see an increase in the maximum number of SMSF members from four to six. Implementation of the Hayne banking commission recommendations was however a priority, she said. (See...

If an Australian resident is considering selling property, they should apply for an ATO clearance certificate. If a property vendor does not apply for a clearance certificate and present it to the purchaser, the purchaser is required to withhold 12.5% of the purchase price for CGT purposes on properties that have a market value of...

Communication over an online channel has certainly become the default these days, and dealing with the ATO is no exception. In fact the transition to online has plainly been developing over some years. More and more transactions and interactions are taking place, for example, over the government’s initiative myGov — not just the ATO, but...

What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring income If you receive a payout for damage to your rental property as a result...

The ATO recently released the latest statistics regarding SMSFs (to the end of September 2019). Highlights include: There are 598,582 SMSFs. There are 1,124,699 members of SMSFs. The total estimated assets of SMSFs are just over $746 billion. The top asset types held by SMSFs (by value) are   listed shares (31% of total estimated SMSF...

There are very limited circumstances when you can access your superannuation savings earlier than when you meet what the ATO calls a “condition of release” — which for most people generally means achieving a certain age and retiring. The other limited circumstances mainly relate to specific medical conditions, severe financial hardship or on compassionate grounds....

If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to make sure your tax affairs are in order. The ATO announced in the latter part...