What the proposed housing-based super contribution initiatives offer

What the proposed housing-based super contribution initiatives offer

After waiting for what seems like an eternity, the government has finally put to Parliament its draft legislation around two of its schemes. The proposed schemes, the First Home Super Saver and Contributing the proceeds of downsizing to superannuation, are … Continue reading

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Considering ride-sharing for income? Tips and traps

Have you or someone you know considered taking up ride-sharing (also called ride-sourcing) to earn extra income, or even as an alternative form of employment? When providing ride-sharing services through Uber or GoCatch and other facilitators for a fare, there … Continue reading

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High income earners: Beware Division 293!

If your remuneration, including reportable fringe benefits and salary sacrificed superannuation contributions is in excess of $250,000 pa, you may have an additional tax liability over and above the normal income tax payable on such earnings. Now that would be … Continue reading

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Immediate deductions for start-up costs

Immediate deductions for start-up costs

Historically taxpayers may have been able to claim a deduction for the costs associated with setting up a business or raising finance, including the costs incurred in: establishing a company or other business structure converting a business structure to a … Continue reading

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Small business car parking FBT exemption

Small business car parking FBT exemption

A business becomes liable for car parking fringe benefits tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all … Continue reading

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Travel allowances and the proper use of the exception to substantiate claims

Travel allowances and the proper use of the exception to substantiate claims

A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight in the course of their duties. In most circumstances, when claiming other deductions, … Continue reading

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Child death benefit recipients and the transfer balance cap

Child death benefit recipients and the transfer balance cap

The death of a parent is hard on all those involved, however once the grieving has eased, a time comes to address financial matters. One of these issues can be what happens to any superannuation they have left. Making things … Continue reading

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Tax deductions specifically for SMSFs

Tax deductions specifically for SMSFs

One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement … Continue reading

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Deductions for finance on a rental property

Deductions for finance on a rental property

Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance costs or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement … Continue reading

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Life policy bonuses and tax

When a life insurance policy has been held by a taxpayer for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, stipulated amounts are included in the taxpayer’s … Continue reading

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