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Self-managed super funds have seen a rapid increase in the last few years, with many people seeking transparent alternatives to traditional superannuation providers for their retirement planning.

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Chris Brycki founded the online investment adviser Stockspot to help people grow their wealth by providing access to low-cost, diversified portfolio opportunities. SMSFs are an attractive avenue for investors, however they require active attention to regulation and administration.

Chris joins host Grace Ormsby on this episode of the nestegg Podcast to share data that disproves common misconceptions around SMSFs, explain why simple investment solutions generally provide better results, and emphasise the importance of generating an investment strategy when setting up one’s own SMSF.

Thanks Chris, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Stockspot are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 12 December 2019

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ATO set to swoop on car-sharing as taxpayers caught out

By Reporter · October 04 2018

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ATO set to swoop on car-sharing as taxpayers caught out

By Reporter
October 04 2018

Reading:

ATO set to swoop on car-sharing as taxpayers caught out

By Reporter · October 04 2018

Reading:

The ATO plans to swoop on those using the share economy for vehicles this tax time, and has issued a reminder to taxpayers about the associated obligations to declare income.

ATO assistant commissioner Kath Anderson signalled that the Tax Office would be focusing on taxpayers earning income through sharing platforms such as Car Next Door, Carhood or DriveMyCar Rentals, after evidence revealed that some taxpayers did not understand their tax obligations.

Taxpayers will need to know that they must declare the income in their tax return, may need to pay GST on the amounts they earn, may be entitled to claim expenses as income tax deductions, may be able to claim GST credits and will need to keep records of their income and expenses.

The ATO has also urged taxpayers that if they are carrying on an enterprise of renting, hiring or sharing their car, caravan or RV sharing and are already registered for GST for another enterprise, then they must pay GST on the income they earn.

If they are not registered for GST but their expected turnover from all of their enterprises is $75,000 or more per year, they need to get an ABN, register for GST and pay GST on their earnings.

H&R Block director of tax communications Mark Chapman said that the rise and rush to rental or share platforms may have caught some clients out in terms of declaring such income on their returns.

“It might seem obvious to those of us in the tax business that this income is taxable, but I’ve certainly encountered taxpayers who had no idea that this income needed to go on their tax return – or indeed, that they can also claim tax deductions against the income,” said Mr Chapman.

For more on what the ATO is watching for this tax time, click here.