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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.

" ["fulltext"]=> string(1378) "

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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Foreign income tipped to be on ATO's compliance radar

By Miranda Brownlee · April 14 2016

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Foreign income tipped to be on ATO's compliance radar

By Miranda Brownlee
April 14 2016

Reading:

Foreign income tipped to be on ATO's compliance radar

By Miranda Brownlee · April 14 2016

Reading:

Undisclosed offshore income is likely to be high on the ATO’s radar at tax time this year, along with unsubstantiated claims for home offices, according to one national accounting network.

The amnesty period provided by the ATO, where individuals were able to come forward and declare international tax liabilities at reduced penalties, ended around a year ago, the director of communications at H&R Block, Mark Chapman, told nestegg.com.au.

“We suspect the ATO probably had intelligence which it gathered from overseas jurisdictions, which it will be able to match with people who didn’t make a disclosure [during that period],” said Mr Chapman.

“The ATO’s amnesty a year or so ago was quite generous in its terms, so if people didn’t choose to take part in the amnesty, the tax office usually comes down on them a bit harder.”

There has also been a lot of public attention in this area, he said, so the ATO will want to maintain community confidence in the tax system by looking into offshore avoidance and evasion.

The main issues with claims for home offices, Mr Chapman said, is confusion around what they can and can’t claim and not holding sufficient records to justify the amount they’re actually claiming.

“It’s really worthwhile first of all going through your records to make sure you can substantiate everything that you’re trying to claim, and also talking to your accountant, just to make sure that you’re actually eligible to make the claim in the first case,” he said.

“Home office is another area which the Tax Office will focus on, because I think some of the claims in that space have gone up in recent years.”