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Lost or destroyed tax records Dont panic

Lost or destroyed tax records? Don’t panic.

November 8, 2019

Photo by Gift Habeshaw on Unsplash Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the same…

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Super downsizer scheme common errors

Super downsizer scheme: common errors

November 8, 2019

The super downsizer scheme started on 1 July 2018 and has allowed older Australians to sell their homes and contribute up to $300,000 of the proceeds from the sale into super. Recent figures from the ATO show that more than 5,000 people Australia-wide have made this type of contribution, with 55% being made by females.…

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An SMSF trustee duty not to be forgotten the investment strategy

An SMSF trustee duty not to be forgotten: The investment strategy

November 8, 2019

Photo by Michał Parzuchowski on Unsplash The majority of people who set up their own SMSF say that “control” is a big reason for doing it. There is flexibility and benefits in running your own superannuation fund, but it is also a big responsibility to make sure your fund grows and provides for your retirement.…

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Small business Low cost assets the threshold rule

Small business: Low-cost assets & the threshold rule

November 8, 2019

Photo by Pawan Kawan on Unsplash There is a rule in the tax law that allows a business that doesn’t use simplified depreciation to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets. Known as the threshold rule, this can help small business owners save time as well,…

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Three wise FBT tips for Christmas

Three wise FBT tips for Christmas

November 8, 2019

Photo by Brigitta Schneiter on Unsplash Employers know that popping a champagne cork or three to celebrate the festive season lets staff know their efforts are appreciated, but the well-prepared business owner will also know that a little tax planning can help ensure that it’s not the business that ends up with the FBT hangover.…

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CGT when spouses have different main residences

CGT when spouses have different main residences

October 1, 2019

It can sometimes be the case that spouses can have different main residences at the same time. When this occurs, special CGT rules apply to in effect provide only one CGT main residence exemption over this period. However, important decisions and choices may need to be made to optimise the tax outcome in this case…

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The SMSF sector is growing by 23200 every minute

The SMSF sector is growing by $23,200 every minute

October 1, 2019

The latest statistical report from APRA has been released (here’s a link to download it — https://bit.ly/2ooF3EJ), which of course mainly focuses on the APRA-regulated superannuation funds in the retail and industry sectors. But the APRA statistics also make passing mention of ATO-regulated funds, the SMSF sector, which from June 2018 to June 2019 grew…

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Fictions and facts about work expense deductions

Fictions (and facts) about work expense deductions

October 1, 2019

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. We sort out fact from fiction. This year’s tax time saw media reports about various outlandish tax claims — for example the ATO being faced with claims for dental expenses, gambling losses, Lego sets, sunscreen…

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An FBT reporting exclusion for personal security concerns

An FBT reporting exclusion for personal security concerns

October 1, 2019

The ATO has plans in place that it can put into operation to relieve certain employers from reporting all the fringe benefits they provide to staff. The measure however is only triggered where it can be shown that employees’ personal safety is at risk or under threat. Note that the term “security concerns” in relation…

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SMSF event based reporting What needs to be reported what doesnt

SMSF event-based reporting: What needs to be reported, what doesn’t

October 1, 2019

Since event-based reporting started for SMSFs from 1 July 2018, the ATO says that for the larger part, SMSF trustees have mostly adjusted to the new requirements. Now that an entire income year under the transfer balance account report (TBAR) regime is complete, some teething problems have emerged. A big one for the ATO has…

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