Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
Capital Gains and Renounceable Rights
Treasury finds Australia 'increasingly uncompetitive' as US moves on tax plans
Australia's vital statistics
Our Advent calendar for 2017
SMSFs warned on ‘ticking time bomb’ with outdated deeds
Taxation ruling on commercial website deductibility
68% of SMEs ‘significantly stressed,’ 85% rely on accountants
Statutory wills are underutilised in estate planning
Small business slips on lodgement deadlines
300,000 SMEs utilising $20K write-off, says ATO
‘A bad thing times 10’: ATO set for new SMSF blitz
Capital Gains and Renounceable Rights
Paperwork bungles lead to $38k in payments
Australian Dietary Guidelines and healthy eating chart (PDF)
Former director liable for company’s unpaid tax liabilities
Resources on our site to help you, your family and your friends.
Super for housing measures enter Senate
No Special Circumstances to allow Excess Super Contributions
Housing tax measures progress to Parliament
AirBnb – wrong tax outcome?
Articles archive
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 4 October - December 2007
Quarter 2 April - June 2007
Quarter 1 January - March 2007
Quarter 2 April - June 2006
Quarter 1 January - March 2006
Quarter 4 October - December 2005
Quarter 3 July - September 2005
Quarter 2 of 2016
Articles
Reminder – Salary and Wages PAYG Shortfall
$20,000 Asset Write Off Reminder
Danger for buyers of Australian property of $2 million plus
Budget 2016-17
FBT Time
Fringe Benefits Tax – Company Holiday Home
Fringe Benefits Tax – Nil
Estate Planning - early inheritance
ATO issues SMSF tax warning
ATO seeks to dispel LRBA panic
Financial tools your family and friends can use.
$20,000 Asset Write Off Reminder
Tax office issues warning on imminent rule change
Age Pension means-test prevents rational decision-making
Locking Up Bank Accounts
ATO figures show property investors missing out on tax breaks
ATO issues SMSF tax warning

 

The tax office has warned it is reviewing arrangements where individuals divert their personal services income to a self-managed superannuation fund to minimise or avoid tax.



       


Deputy commissioner James O'Halloran said these types of arrangements are typically used by SMSF members at or approaching retirement age as income received by the SMSF trustee is concessionally taxed or treated as exempt current pension income of an SMSF in pension phase.


This, he said, means the SMSF owner effectively avoids paying tax on their income at the marginal tax rate.


"Under these arrangements an individual performs services for a client for which the individual does not directly receive adequate remuneration for the service provided," Mr O'Halloran said.


"Instead the client refers remuneration for the service to a company, trust or other non-individual entity. The entity then distributes the income to an SMSF, of which the individual is a member, as a return on investment.


"We are currently reviewing a number of SMSFs that may be involved in this arrangement and will continue to engage directly with taxpayers and their advisers where we have concerns," Mr O'Halloran added.


The ATO has encouraged taxpayers who plan to enter or have entered into this type of arrangement to seek a private ruling or make a voluntary disclosure. They should also seek independent advice from an adviser not involved with the arrangement, the tax office said.


STAFF REPORTER -
Monday, 02 May 2016
www.accountantsdaily.com.au




9th-May-2016