Sunday 26 Jan 2020
*

Latest Accounting News
Hot Issues
Bushfires 2019–20 (ATO)
Accounting profession responds to bushfire crisis
Helping your business survive a natural disaster - ATO
Single Touch Payroll (STP) – now ensure super is paid on time.
Beware of Australian Taxation Office (ATO) impersonation scams
Australia by the Numbers
‘Visible, valued and owned’: ATO outlines super priorities for new year
Introductory Rates & Interest Free Periods
Our Advent calendar for 2019
Tax Office sounds warning on 8 types of super schemes
Don’t forget sharing economy income
Impress your friends with your knowledge!!
Salary sacrificing and the superannuation guarantee
Why so much super “stuff” this year?
Reverse Mortgage?
How the gig economy could create hidden tax issues for contractors and employers
15,000 tip-offs as ATO black economy hotline rings hot
What happens when interest rates hit the floor?
Director Penalty Notices (DPN)
Synchronised global economic slowdown
STP to be increasingly monitored
6 new accounting related videos
GDP by country since 1800
Information needed to be the BBQ expert.
Employee or independent contractor: What happens when it goes wrong?
Articles archive
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
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 4 October - December 2006
Quarter 2 April - June 2006
Quarter 4 October - December 2005
Quarter 3 July - September 2005
Quarter 2 April - June 2005
Quarter 2 April - June 2004
Quarter 1 January - March 2004
Quarter 4 October - December 2003
Quarter 3 July - September 2003
Quarter 4 October - December 2001
Quarter 2 of 2015
Articles
SMSFs may be missing out on allowable deductions
Change to Early Access Rules
Capital Gains Tax – which year?
Checklist for Employers Year-end
Year-end Tax Planning – Small Business
Year-end Tax Planning – Trusts
Reminders and Tax Strategies for SMSFs pre-year end
Year-end Tax Planning – Individuals
Tips and traps for acquiring SMSF assets from related parties
Overtime Payments May Eliminate Claims for Unfair Dismissal
ACCC issues scam warning
SME Dispute Resolution
Land Tax – Victoria
R&D incentives at risk
ATO adds ‘hot issue’ to its SMSF target list
Additional Super Contributions Not Appropriate for all
Issues arising from an underpaid pension
Salary and Superannuation after the death of an employee
IPA calls for zero pc tax rate
Australian Government - Budget 2015
Budget 2015 - some professional opinions
Looming end to SMSF Borrowings?
ATO warns SMSFs on franking credits scheme
Lump Sum Payments - Employer Reporting
Small business tax cuts 'not enough', says IPA
SMSFs may be missing out on allowable deductions

 

SMSF investors and their professional advisers could be missing out on significant tax advantages by simply being unaware of the deductions they can claim, according to one tax depreciation expert.



       


BMT Tax Depreciation chief executive Bradley Beer said that while many SMSF trustees are taking full advantage of the tax benefits associated with property depreciation, many investors “aren’t doing it properly”.


“A while ago we ran a campaign testing how many people were failing to maximise their depreciation deductions and we found 80 per cent of the respondents needed to improve,” Mr Beer said.


He pointed to several areas where SMSF investors and their advisers are potentially missing out on significant deductions.


“Common or shared areas in unit complexes are often missed. An SMSF may also invest in a commercial property because they run a business from that property and hold it in their SMSF. Sometimes people think because it’s their own property and they’re running a business from that maybe they’re not able to claim deductions but they actually are,” Mr Beer said.


“I’d say the myth that old property doesn’t get it would be the most common. Older property still gets depreciation, it just doesn’t get as much,” he added.


Mr Beer encouraged SMSF investors to have a proper depreciation schedule to ensure they maximise their tax deductions each financial year.


 


 Katarina Taurian and Miranda Brownlee
Tuesday, 23 June 2015 
www.accountantsdaily.com.au




28th-June-2015
        
89 Boronia Road Boronia Vic 3155 Phone: (03) 9762 5400 Fax: (03) 9761 1327