No more deductions for non-compliant payments The government recently released exposure draft legislation that removes the ability of taxpayers to deduct certain payments – including payment of wages and payments to contractors – if the entity making the payment fails…
An “integrity” measure, which aimed to stop SMSF trustees from manipulating their total superannuation balance in order to keep below the $1.6 million threshold, may have the unintended outcome of reducing the appeal of LRBAs. Legislated changes to limited recourse…
A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super. Before June 30, 2017, if more than 10% of your income was sourced from salary…
The government has already announced, as part of the 2018-19 federal budget in May, that it will decrease the scope of allowable deductions for expenses stemming from holding vacant land that is intended to be used for residential or commercial…
Investing in the stockmarket is a lot more common than it was years ago, with ordinary Australians having experience with shares and the stockmarket either directly or through managed funds or via their superannuation fund. Recent research conducted by the…
Sometimes your business may end up using an asset you purchased, such as a property for example, in a way that is different to what you had originally planned. It pays to remember that if you claimed GST credits for…
The general case regarding GST credits is that business owners can claim input tax credits relating to eligible business expenses when you lodge your business activity statement (BAS), which may be monthly or quarterly. However it is not unusual for…
A question was asked of the ATO recently, via its “ATO Community” webpage that centred on the eligibility of a taxpayer to make deduction claims for home office expenses. While it is a question that would not generally warrant extensive…
Click here for a pdf version of this article Self-employed? You could claim a deduction for saving for your retirement A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction…
Could trust splitting soon result in increased tax obligations? A draft taxation determination released recently has triggered some alarm among trustees that certain previously benign trust re-arrangements may soon lead to new tax obligations being attached. TD 2018/D3 posits that…