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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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Thursday, 12 December 2019

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Tax Office flags biggest GST mistakes taxpayers make

By Reporter · September 25 2018

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Tax Office flags biggest GST mistakes taxpayers make

By Reporter
September 25 2018

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ATO, GST mistakes, taxpayers, Tax Office

Tax Office flags biggest GST mistakes taxpayers make

By Reporter · September 25 2018

Reading:

The ATO has flagged the biggest GST errors tripping up taxpayers, in an effort to prevent lodgement concerns and penalties this tax time.

If you have a company with an annual turnover of more than $75,000 — including if you are a sole trader — you’ll have to register for and pay GST.

When it comes to claiming GST credits at tax time, about half of all corrections made to GST reporting are typically due to “simple checks” falling through the cracks.

The ATO has revealed the top five issues that typically trip up taxpayers:

1. Timing: Make sure you are reporting for the correct financial year.

2. Miscalculations: Ensure basic transcription or calculation errors don’t impact your lodgement.

3. Eligibility: Personal-use items are strictly off-limits when it comes making claims. You can only claim a credit for any GST included in the price you pay for things you use in your business. You can read more about this here.

4. Proof: You must be able to prove that you are eligible to claim GST credits; for example, through receipts and tax invoices.

5. Charging: Ensure you are charging GST when you need to; that is, when you pass the $75,000 GST threshold in your business.