“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten” – Bill Gates
20 years ago you booked flights, accommodation and tours through a local travel agent, purchased a few guide books and set off. Communication was postcards, snail mail and landline phone calls. Today travel is researched, booked and paid for online and communication is through smart phones, skype, instant messaging and social media. We are living in an age where information is readily accessible online and instant is the norm. Technological change has been rapid and unrelenting and the tourism industry has been hit hard. Google is taking over the travel world and middle men are replaced by Metasearch engines like Webjet.
Many investors remain unsure about whether it is worthwhile obtaining a quantity surveyor’s tax depreciation report for a rental investment property particularly if it was built before 1987.
When a Quantity Surveyor completes an investor’s capital allowance and tax depreciation schedule, two main elements are generally included; being capital works deductions and plant and equipment depreciation. In order to produce these reports, amongst other qualifications, the quantity surveyor must be a registered tax agent, as the information contained in the report is specific tax advice.
SMSF annual tax return lodgement deadline 15 May (for tax agent’s clients) is fast approaching and trustees will be faced with their annual independent SMSF audit.
No trustee wants to incur hefty penalties or be disqualified as a trustee or see their fund losing its tax concessions by being made non-compliant by the ATO.
The good news is that the ATO has since 30th May 2016 opened an avenue for the trustees to directly engage with them by introducing an “Early and voluntary disclosure service”. The ATO is encouraging all trustees that have unrectified contraventions of the SIS Act to fill in the SMSF regulatory contravention disclosure form including a proposal for fixing the breaches. The auditor of the fund is still required to lodge an Auditor Contravention Report (ACR); however the ATO will be less likely commence an audit of the fund but instead be engaging with the trustees to assist with the rectification of the matters.
•A good trick to managing your Outlook inbox and keeping it tidy is by creating and organising subfolders for specific emails such as invoices and payments, or if they’re from certain person or company. Doing this makes keeping track and finding emails easier, plus it gives your inbox an overall tidier and less cluttered look. To do this just right click on ‘Inbox’ and select from the drop down menu ‘New Folder’, give it a name and voila! You now have a more organised space for you to put your emails.
Did you know that you can use Google as a timer? Simply type “timer for