The tax rates that apply to income a deceased estate declares depend on the period of time after the person’s death. First three income years For the first three income years, the deceased estate income is taxed at individual income…
Everyone goes through the odd rough patch in their relationships with one another and SMSF trustees are no different. However the ramifications of a dispute between trustees are likely to have more wide ranging affects than the average quarrel between…
Most small business owners stay on top of their GST refunds, mainly because of cash flow concerns, but it’s not all that uncommon to now and then lose track of a credit. What quite a few small business owners may…
Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the…
The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career. Changing technology and evolving workplaces means that…
Click here for a pdf version of this article. Claiming self-education expenses The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the…
Vehicle’s ‘private use’ for FBT gets some wriggle room — up to a point The ATO has made a change to the FBT rules, set to take affect for the 2019 FBT year and beyond, that will give businesses that…
Of course these days pre-filling takes care of a lot of the “paperwork”, and if you wait until late-July or mid-August the ATO’s systems will most likely be able to provide most of the information from employers, banks, government agencies…
The ATO requires SMSF trustees to use the superannuation transfer balance account report (TBAR) to advise it when a transfer balance account event occurs. It uses this information to adjust a fund member’s transfer balance account so it can correctly…
Trustees of SMSFs may be soon required to add the creation of a “retirement income strategy” alongside existing compliance requirements centring on investment and insurance. This would similarly require review on a regular basis. The covenants of investment and insurance…