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…
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken…
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…
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…
Certain start-up expenses, including costs associated with raising capital, that would otherwise be deductible over five years are immediately deductible (from July 1, 2015) where…
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…
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.…
Click here for a pdf version of this article. Travel allowances and proper use of the exception to substantiate claims A travel allowance is a…
ATO announces what’s new in pre-filling The ATO has published what pre-fill information is available for this Tax Time. It says the pre-filling service can…
The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you…