ATO targets lifestyle assets

Review of assets not previously disclosed or underreporting of income

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses and fine arts.

family boatThe review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. 

"If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a three million dollar yacht then this is likely to raise some red flags," Deputy Commissioner Deborah Jenkins said.

The ATO is looking for:  Read more…

Superannuation death benefits


Review succession plans

Regardless of the size of your superannuation benefits, it is vital that you sort out your estate plans to ensure that you have a well prepared estate plan so that the right assets go to the right beneficiaries. 

retired couple plansYou need to make sure that you get holistic estate planning advice and have arrangements in place to review your estate plans regularly. Estate plans are not to be set and forgotten.

First and foremost, it is important to understand that the payment of your superannuation death benefits are covered by the rules of your SMSF trust deed and do not automatically form part of your Estate for distribution in accordance with the terms of your Will. As trustee of your SMSF, you will need to make sure that you have read and understood your SMSF's trust deed and that you comply with it at all times. 

On your death, one option is to rely on the SMSF trustee's wide discretion to determine who, within the operation of the law, will receive your death benefit and how much each beneficiary will receive.

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Alerts to protect SMSFs from fraud


SMSF alert fraud protection

A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. 

smart phone SMS textThe ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members.

Trustees need to notify the ATO within 28 days of key changes to the fund including a change in trustees, directors of the corporate trustee, members, contact details, address and fund status.

Self-managed super and superannuation law in general is a delicate area and personalised planning is required for each individual. At Collins Hume we are superannuation specialists, and can assist in establishing a superannuation fund that will effectively allow you to reach your financial retirement goals. Read more here or call us on 02 6686 3000.

Collins Hume partners with you to achieve greater business and lifestyle success as your trusted advisers. Call us in Ballina or Byron Bay on 02 6686 3000.

Key Person of Influence Workshop Ballina


There is a harsh reality to being an entrepreneur in 2020

The top 20% of businesses in any industry control 80% of the revenue.

Key Person of Influence WorkshopWhich means the bottom 80% are left fighting over the scraps.

Most business owners compete on price, trade their time for money, and struggle to achieve the freedom and success they deserve. They are stressed, constantly busy, and feel stuck. This is what business feels like for those in the bottom 80%.

And it boils down to one thing - Influence.

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Regular insurance reviews


Reviewing your insurance regularly to ensure you are properly covered!

We live in a world of constant change and people are often unaware how such changes can affect the insurance they hold. 

life insuranceThat is why we believe in the importance of regularly reviewing your insurance cover to ensure that it continues to reflect your current situation, needs and wants. 

To help you understand if your insurance policies suit your current situation, needs and wants we have added some common life and financial events below that may help you to determine if an insurance review is needed. If any of the events have occurred, or you think anything else may impact your insurance needs, please contact us directly and we will organise a meeting to review your insurance.

Read more…

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