Super contributions and problems of excess The treatment of excess superannuation contributions has been a contentious issue for some years, with many people falling victim to the punishing excess contributions tax through inadvertently going over the limits. The reasons this…
Act now to secure these business deductions–December 2013 Small businesses may want to act now and bring forward their capital purchases if they still wish to utilize the instant asset write-off of $6,500 or the $5,000 motor vehicle write-off in…
Can interest and borrowing costs on investments be claimed as deductions? Investors are frequently faced with questions and issues regarding the correct tax treatment of certain aspects of financial products, and sometimes the various features of these products. An important…
Correcting GST errors and making adjustments on your business activity statements If you identify a goods and services tax (GST) error for a previous period or on an already lodged business activity statement (BAS), there is always scope to make…
The tax implications of natural disasters Bushfires, floods, storms – natural disasters come in many forms. Even strong winds and heavy rain are very capable of wreaking a lot of damage, and with these destructive events can come loss of…
Act now to secure these business deductions Small businesses may want to act now and bring forward their capital purchases if they still wish to utilise the instant asset write-off of $6,500 or the $5,000 motor vehicle write-off in 2013-14.…
ATO Assistant Commissioner releases “report card” on SMSF sector The Tax Office is currently homing in on a few problem areas when it comes to the SMSF sector by: engaging with new trustees to ensure they can operate their SMSF…
Tax Office reviewing dependant tax offset claims The Tax Office has stopped all tax returns with a Dependant (Invalid and Carer) Tax Offset claim and is reviewing them, following an unexpected upsurge in the number of individuals that have made…
Has the ATO made a wrong call on your tax assessment? Here’s what to do If you believe your tax assessment is incorrect, the first step should be to go over your tax return or activity statement to check details…
Did you know that on average, Australians have about three superannuation accounts, and often have no knowledge of where superannuation accounts started years ago are located? According to research conducted by The Financial Services Council and investment management technology provider…