August 2022 – ATO Focus on Rental Property Income and Deductions, End of Covid-19 Relief for SMSF Trustees, Wash Sale Arrangements under Scrutiny by ATO, GST Health Check, Super Comparison Tool, Switching Home Loans

With interest rates rapidly increasing, homeowners are being encouraged to look around for a better deal on their home loan. ASIC has recently released some tips if you are doing so. These include asking your existing lender for a better deal, negotiating the length of your new loan, factoring in the cost of possible lender mortgage insurance, comparing a range of accompanying fees and charges, and more.

Rental property claims are being heavily scrutinised by the ATO this Tax Time. The ATO is urging rental property owners to ensure they carefully review their records before declaring income or claiming deductions.

Meanwhile, recent data from the government’s MoneySmart website and the Association of Superannuation Funds of Australia helps individuals answer the perennial questions: how much superannuation will you need to retire? And how much are you likely to spend in retirement?

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