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SMSF commutation requests: How to get the green light from the ATO

Posted by Team AVS on 28 Apr, 2018  0 Comments

The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review.

With recently introduced superannuation rules now in effect (from 1 July 2017), superannuation members with income streams that are valued in excess of $1.6 million will need to commute the excess by 30 June at the latest in order n

Duties and taxes when you buy online from overseas

Posted by Team AVS on 21 Apr, 2018  0 Comments

Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also, the usual duties or taxes should apply.

Customs duties are regulated by the Department of Home Affairs (a recently formed body from December 2017, which now oversees the Australian Customs Service as well as Immigration and Border Protection).

Relevant facts to kee

Crackdown on “other” work related expenses, and inquiry into tax deductibility

Posted by Team AVS on 14 Apr, 2018  0 Comments

It seems that the ATO will be taking a dim view (or dimmer, this year) of the abuse of work-related expense claims for individual taxpayers. The total value of such claims rose to a record $21.2 billion in 2017, and reports contend that the ATO is concerned about over-claiming and even outright fraud.

ATO advice for taxpayers, before including claims for work-related expenses at the label for “other” work-related expenses for 2018 tax time

Bitcoin: Its place in your wallet or SMSF portfolio

Posted by Team AVS on 7 Apr, 2018  0 Comments

While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 cryptocurrencies in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but sits in an electronic register.

What makes bitcoin work, where previous attempts at electronic cash did not, is in the magic of something called blockchain.

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