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…]
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.
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…]
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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…]
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…]
IF YOU HAVE made a mistake with your SMSF, there is no point burying your head in the sand hoping it will go away!
There could be serious taxation consequences if you do have a non-complying SMSF.
The following series of articles looks at how you can manage SMSF problems … so that you can end up in great financial shape, focused and ready to invest appropriately over and over again. [Read more…]
YOU MAY KNOW that floor loadings differ depending upon the intended use of the floor — but it is not that simple.
The imposed loading on a office/commercial use building is generally 3 Kpa (3000 kg per sqm). And a residential use building is 1.5 Kpa (1500 kg per sqm).
Therefore, if you plan on converting a Commercial property to residential — the floor is capable to withstand the higher loads and meet the requirements. [Read more…]
IN THE CONVEYANCING stage, before settlement, the vendor and purchaser adjust the purchase price to deal with the following matters:
