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["title"]=>
string(46) "A sense of optimism within the property sphere"
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string(46) "a-sense-of-optimism-within-the-property-sphere"
["introtext"]=>
string(197) "
After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.
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["fulltext"]=>
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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.
Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.
Thanks Adam, for sharing your insights with the nestegg podcast team!
You can keep up to date with what Upside Realty are up toHERE
Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.
ATO assistant commissioner Dana Fleming said that as part of the ATO’s compliance program called “secure the front door”, the ATO applies an analytical model to all SMSFs at the time of set-up, which identifies whether there are any risks or red flags with the individual setting up the fund.
Ms Fleming said that out of the 26,000 SMSF registrations in the last financial year, 2,100 were flagged for additional reviews by the ATO’s risk analytical model.
“Of those additional reviews, 681 had their ABN cancelled, and 336 had their details withheld from super fund lookup,” she told delegates at the SMSF Summit at Adelaide last week.
“Super fund lookup, as you know, is where you can go if you’re an APRA fund to look up an SMSF to see if its complying and can indeed receive contributions and rollovers.”
Ms Fleming said the process helps ensure that the individuals setting up an SMSF are genuine and want to do so for the right reasons.
The ATO, she explained, is looking to see that the individual has demonstrated a history of good compliance and that there are no red flags.
“We are looking at whether the SMSF trustee’s financial history is up to scratch, if they have been bankrupt, if they owe debts to the ATO and whether they have a good compliance history with the ATO,” Ms Fleming said.
Hundreds of SMSFs on the chopping block
Miranda Brownlee
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