SMSF trustee with the travel bug? How to keep your fund compliant Are you the trustee of an SMSF but also a travel aficionado? Nothing wrong with that; however trustees need to be aware that there can be negative consequences…
Stamp duties vary from state to state, but also from year to year. To make your job just that little bit easier we have compiled a handy reference table including each state and territory revenue or treasury office, with links…
Hobby farming is a lifestyle choice that has been around for years and looks like an option that, if anything, is on the increase. And while it can be easy to poke fun at the success or otherwise of the…
Generally, if you rent out part or all of your home, the rent money you receive is assessable. This means that you must declare your rental income in your income tax return, but you can also claim deductions for any…
Gumboots? check, Akubra? check, tax status?…. Hobby farming is a lifestyle choice that has been around for years and looks like an option that, if anything, is on the increase. And while it can be easy to poke fun at…
I’m a volunteer. Any taxing issues? From sporting clubs or environmental groups to many charity associations, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is…
5 smart things to do with your tax refund For many people, their tax refund is treated like a mini lottery win. This tax time, consider putting your “gift” from the ATO to good use. Perhaps it’s the modern world…
New areas and items covered by Tax Time 2016 pre-filling service The ATO advices that use of the pre-filling service will ensure that information provided is cross-checked with data that it already holds. This is one way to help ensure…
Work-related deductions: What’s on the taxman’s radar? The ATO says that this year it will be paying extra attention to people whose deduction claims are higher than expected, in particular those claiming car expenses. These can include claims by those…
SMSF trustees: Non-arm’s length LRBA grace period extended The ATO had previously held that limited recourse borrowing arrangements (LRBAs) which are not maintained on arm’s length terms need to be fixed before June 30, 2016. Otherwise, this would give rise…