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Latest Accounting News
Hot Issues
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
Appetite for property in SMSFs shows signs of life despite tough market
Superannuation gender gap narrowing, research shows
Identification numbers for directors
How financial advice helps create wealth.
Australia's vital statistics
Unlocking equity crowdfunding in Australia
$20m boost for SME clients looking to exporting
Work-Related Expenses
ATO updates crypto guidance
ATO zones in on hundreds of newly created reserves
Senate passes $20,000 instant asset write-off extension
Victorian Vacant Property Tax
Director Penalty Notices
ATO set to pounce on undisclosed income streams
In case you missed it – The company tax Bill that did pass Parliament.
GST spotlight headed to smaller end of town
Superannuation Amnesty – Maybe! Maybe Not!
ATO drills in car-sharing focus this tax time
What is Bankruptcy?
Update of Australia's vital statistics
ATO speaks on risk factors, surveillance triggers for FY19
ATO’s corporate residency guidance cops backlash
ATO dispels top tax time myths to clients as clampdown rolls out
Tools for budgeting, cash flow, Super and more ….
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Quarter 4 of 2014
Articles
FBT – Christmas Parties and Taxi Fares
Hiring older employees
Deadline - 19th December 2014
Traps in Making Family Trust Distributions
Data matching offshore bank accounts
Estate planning in an SMSF.
Maximising the benefit of Credit Cards
Warning on Bank Offset Accounts
Mining tax gone but watch for associated tax changes
Warning on Bank Offset Accounts

 

Are you sure that your deal from your bank is what you think?


     

Recently a large bank acknowledged errors over a number of years in short paying its customers with offset accounts (not one of the big four).  Fortunately, for its customers, it agreed to back-pay the shortfall.


Whilst the principle of an offset account is beneficial to some (but not all), is it what you expect?


Whilst a fundamental principle is that interest earned is used to reduce (i.e. offset) interest payable, it is never that simple.


Is the interest earned rate, the same as the interest payable rate?


Do you know what both rates are?


Do you check the calculation? – bank above got it wrong!


Could the perceived tax advantages be achieved by investing in the name of a non-working spouse, who receives a higher rate on a fixed term deposit?


 


AcctWeb




17th-October-2014