Why the new superannuation proposals? First Home Super Saver and Contributing the Proceeds of Downsizing to Superannuation. The government has finally put to Parliament its proposed legislation around two of its proposed schemes, the First Home Super Saver and Contributing the Proceeds of Downsizing to Superannuation. This legislation is an attempt to bring into action […]
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ATO warning for work-related car claims The ATO’s Assistant Commissioner, Kath Anderson, has issued a warning for taxpayers who are making what they may believe are “standard” deductions in regard to vehicle expenses, especially when it comes to the cents per kilometre method. While it is true that written evidence for deductions based on up
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Association subscription tax deductible eligibility can endure into retirement A lot of professionals, business or tradespeople are members of a trade or professional association, and during their working life subscribe to an appropriate organisation. In most cases, the membership of a trade union for example, or professional association relevant to workers in a particular occupation,
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Do you need to lodge your tax return early? Usually, the ATO only accepts early lodgement of individual tax returns in certain circumstances. If you are planning to permanently move out of the country before the end of this financial year, you may be able to lodge your tax return early. Qualifications for early lodgement
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SMSF stats just keep getting better Recently the ATO released the latest update on the state of the SMSF market. The report covered the quarter to March this year. Many people have been anticipating the latest Self Managed Super Fund statistics as it usually contains some good news. The quarterly SMSF update The statistical report
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Do you know the tax implications of your life insurance policy? When you have held a life insurance policy for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, for taxation purposes stipulated amounts are included in your assessable income, and a tax
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