VL Tax & Accounting
Publication
Self-managed super funds urged to be cautious with property investments
The ATo has warned trustees of self-managed superannuation funds (SMSF) to be cautions when investing in property. (ATO Media Release 2012/51)
The ATO is concerned that people are suing their SMSFs to invest in property without fully understanding their obligations under the law, or that some people are seeking to take advantage of certain types of arrangements.
Changes to Private Health Insurance Rebate and Medicare Levy Surcharge
From 1 July 2012, the private health insurance rebate and the Medicare levy surcharge are income tested against three new income thresholds. This means that if you:
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have private health insurance, the amount of private health insurance rebate you are entitled to receive is reduced if your income is more than a certain amount
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do not have an appropriate level of private patient hospital cover, and your income is more than a certain amount, the rate of Medicare levy surcharge you are charged is increased.
We determine the amount of private health insurance rebate you are entitled to receive when you lodge your tax return. This may result in you receiving a refund or a liability.
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What Australians Investing in Overseas Property Need to Know
As an Australian resident, tax-smart investing in overseas property takes more than making the right property choices. Remember to keep proof of your income related expenses from the beginning to ensure you can claim everything you're entitled to.