The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you…
Many incorporated business owners may twitch a little whenever the term Division 7A is uttered within earshot — and not just those who may have attempted to make “tax-light” distributions. The fact is, in these COVID-19 times, that concerns about…
We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you…
Click here for a pdf version of this article. Avoid common mistakes in your business return, and include appropriate income We know you want to get your tax right, so it may help you this tax time to know how…
All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under…
The ATO has recently updated its guidance material on the operation of the personal services income (PSI) and personal service business (PSB) rules. These highly prescriptive rules took effect from the 2000-01 income year, after the government became concerned that…
Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of. It’s been more than 10-years since the advent of bitcoin and the term “cryptocurrency” entered the public consciousness. However,…
Click here for a pdf version of this article. The tax treatment of cryptocurrency Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of. It’s been more than 10-years…
The ATO recently clarified the evidence that is required to support real property valuations within SMSFs, particularly in light of the unique challenges brought about by COVID-19. Under SMSF regulations, assets must be valued at market value in an SMSF’s…
Making extra before-tax contributions into super (called concessional contributions) can help boost a person’s retirement savings. But fund members need to be aware of the implications for when they exceed the concessional contributions cap. Since 2013-14, when the excess concessional…