What are the tax and investment considerations for a Granny Flat above versus a Tiny Home below? Income Tax Return Reporting - Income Streaming Tiny Homes Tiny home ownership does not have to follow the ownership interest of the underlying property ownership. For...
Secondary Dwelling From December 2023 the Victorian Government has passed planning changes to make it easier to build Granny Flats - or "small secondary dwellings", on existing homes. The Victorian Premier Jacinta Allan revealed that planning permits will no longer be...
The ATO is particularly targeting property investors that are not using the help of a specialist property tax accountant like Umbrella Property Accountant, due to the high error rate being discovered from ATO Audits. The ATO Audits into self-preparers have uncovered...
| The end of the 2022 financial year is fast approaching and we would like to take an opportunity and provide all our clients SMSF year-end housekeeping checklist. 1. For SMSF Contributions, you are claiming a deduction for: Ensure notice of intent to claim tax deduction forms have been submitted and validated by the SMSF trustee before claiming a tax deduction. Just a reminder that here are the following contribution caps that apply in 2022: |
 |
2. For SMSFs paying the pension: Ensure that the minimum pension is taken prior 30th of June 2022. Just a reminder that the minimum pension for 2021/2022 is the following: |
 |
| Please don’t hesitate to contact me if you need a reminder of how much minimum pension you have to withdraw before 30 June 2022. 3. For SMSFs using contribution reserve strategy: Ensure reserving strategies have been documented. 4. For SMSFs with in-house assets (example, SMSF borrowings): Any ongoing in-house asset rectification plans should be actioned before 30 June 2022. 5. For SMSFs with property: Ensure you have a current market valuation from an independent source. 6. For SMSFs with cryptocurrency: Ensure you log in to your wallet/exchange on the 30th of June and do a screenshot of your SMSF crypto holdings. The screenshot should show the Name of the coin number of unitsDate (30 June 2022). 7. For SMSFs with unlisted unit trusts: SMSFs that are due to receive a distribution from an unlisted unit trust for this financial year must ensure the distribution is collected by 30 June to prevent it from being considered an in-house asset and damaging the status of the trust.8. For ALL SMSFs: Review Total Super Balance (TSB) in the lead-up to 30 June 2022. If your TSB is close to $1.7m and $500,000 as exceeding these may decrease your opportunity to contribute next Financial Year. |