Mannion's Blog

Scam targeting natural disaster victims

Mannions Business Services - Wednesday, April 29, 2020

A scam targeting vulnerable disaster victims has reared its ugly head. If you receive a SMS that supposedly gives you an 8% bonus on your tax return, the best course of action is to delete it. Scammers are using a fake link to the myGov website to phish for your personal information which can then be used to steal your identity and commit fraud. With the increasingly sophisticated scams currently circulating, if you’ve fallen victim to any tax-related scams the best course of action is to contact the ATO.  more here...

SMSF annual returns: avoid the top 5 mistakes

Mannions Business Services - Monday, April 20, 2020

While the due date for SMSF annual returns depends on the particular fund, if you had an SMSF at 30 June 2019 or has wound up an SMSF during the last financial year, you will need to lodge a return. To assist taxpayers with completing the return, the ATO has released a list of the most common mistakes to avoid, including lodging a return without auditor details, not valuing SMSF assets at market value, lodging a return with nil assets, not having a unique bank account, and incorrect electronic service address.  more here...

ATO Coronavirus concessions and advice for SMSFs

Mannions Business Services - Thursday, April 09, 2020

After previously providing business with administrative concessions, the ATO has now moved to provide some concessions and advice to SMSFs during this pandemic. The concessions largely revolve around the ATO not intending to take compliance action in relation to SMSFs temporarily reducing rent to related party tenants and inadvertent breaches of the in-house asset rules due to downturn in the share market.  In addition, the ATO has also provided advice on investment strategies and clarification on how super balance losses are treated.  more here...

Working from home: what can I deduct?

Mannions Business Services - Wednesday, April 08, 2020

Have you been directed by your company to work from home to limit the spread of the coronavirus? If so, you may be able to claim a deduction for the additional running costs you incur. The costs you could claim include work-related portion of any heating, cooling, lighting for the area you’re working from, work-related phone and internet, and work-related decline in value of a computer and associated office equipment. To claim these expenses, you must keep specific records ranging from diary entries to receipts.  more here...

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