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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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The popular claims on the ATO’s watch this year

By Cameron Micallef · May 30 2019

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The popular claims on the ATO’s watch this year

By Cameron Micallef
May 30 2019

Reading:

The popular claims on the ATO’s watch this year

By Cameron Micallef · May 30 2019

Reading:

With its eyes on the $8.7 billion gap between the taxes individuals were expected to pay and the taxes they are actually paying, the ATO will likely be targeting a range of popular deductions this tax time.

H&R Block believes the ATO has identified two main hotspots in 2019 in order to reclaim these loses being a crackdown on work-related expenses and property deductions.

Work-related expenses

The ATO believes work-related expenses claims are the biggest cause of this tax gap and have signalled its intent to look closely at these deductions.

According to H&R Block, the ATO is targeting the following:

Claims for work-related clothing
Deductions for home office use
Overtime meals claims
Union fees and subscriptions
Mobile phone and internet costs
Motor vehicle claims where taxpayers take advantage of the 68 cent per km flat rate for up to 5,000kms
$300 dollar or less deductions without receipts

Property

Over 1.8 million people – or about 8 per cent of the Australian population – own an investment property, according to the ATO. With this, the ATO has highlighted it as the second-biggest area of focus, announcing a series of audits with 90 per cent of returns reviewed.

The ATO will pay attention to excessive interest expense claims
Incorrect apportionment of rental income and expenses
Holiday homes that are not genuinely available for rent
Incorrect claims for newly purchased rental properties, particularly costs of repairs and fixing defects

Cryptocurrency

While it is not the main area, H&R Block also believes that the ATO is modernising and is cracking down on cryptocurrencies and sharing economy.

Cryptocurrencies are owned by between 500,000 to 1 million Australians, with the ATO believing some investors are failing to declare profits or losses on crypto.

The sharing economy

Finally, the ATO is also closely looking at the shared economy to ensure that expenses are correctly reporting. The share economy includes Uber, house sharing, skilled services and completing the odd job/errand or delivery.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.