Do you know how your super is performing?

Mobbs & Company have a specialised team to assist with all your Self Managed Superannuation Fund needs.

We can assist with all areas of our Superannuation Fund, from setting up your SMSF to preparing your Financial Accounts and Taxation Returns. Our qualified staff are here to assist you; whether it is borrowing through your superannuation or any queries that you may have in between.

You can be assured that we can simplify your affairs and offer you the accurate and professional advice that you need, in a timely manner.

Want to find out more?

Finding it hard to hit your financial targets?

Our business benchmarking service analyses your business' position within the industry and identifies an action plan to increase profitability.

Want to find out more?

Accounting News

Housing tax measures progress to Parliament

Legislation for a number of housing affordability tax measures announced in the federal budget 2017 are being introduced to Parliament today.

 

 

Four key tax measures from the government’s housing affordability package will be introduced to parliament today according to a media release from Treasurer Scott Morrison.

One measure is the First Home Super Saver Scheme (FHSSS) which will enable prospective first home buyers to save for a deposit inside superannuation.

PwC private clients director, Liz Westover, and Deloitte superannuation head, Russell Mason, have both previously voiced their support of this measure.

“What this does is give them the capacity to save in a tax effective environment without compromising those retirement savings,” Ms Westover said.

A more controversial measure that will prevent property investors from claiming travel expenses to inspect residential investment properties and limit the depreciation deduction claims investors will be able to make on properties purchased after 9 May 2017 was also introduced.

The Institute of Public Accountants' senior tax adviser, Tony Greco, recently told Accountants Daily that he believes these measures go against the basis of Australia’s tax system.

“The premise behind our tax system is the ability to claim an expense against the revenues, so what they're doing is they're altering that fundamental right,” Mr Greco said.

The government’s foreign resident vacancy levy, which will place an annual vacancy charge on foreign residential real estate owners if their property is not occupied or available on the rental market for at least six months in a 12-month period, will also be introduced.

Finally, a downsizing measure will be introduced, which will allow older Australians to contribute proceeds from the sale of their family home into their superannuation accounts.

 

LARA BULLOCK
7 Sep 2017
accountantsdaily.com.au

April - June 2017 archive