What tax deductions can your SMSF claim? SMSF Sole Purpose Test The sole purpose test is a fundamental that SMSF trustees should keep in mind — that is, every decision made and action taken must be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members. If an SMSF […]
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ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses If you use a mobile, home phone and/or the internet for work purposes you should be able to claim a deduction if there are records to support your claims. But the ATO points out that use
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Is your holiday rental actually rented out? Australia has a lot of popular holiday destinations and the ATO is reminding taxpayers that it has its eyes on rental properties once again. The ATO claims some people are claiming deductions for holiday homes even where the property is not actually being rented out, or not “genuinely
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Be well prepared for your tax return appointment Tax is something that we usually prepare for but the question is how well prepared are you? Are your documents ready and do you have easy access to them when needed? Being well prepared for important meetings is always wise, and your tax meeting is especially important.
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This information is for trustees and beneficiaries of trusts that make capital gains or received franked distributions. Trust Capital Gains A recent statement from ATO declares: If not prevented by the trust deed, you can stream a trust’s capital gains and franked distributions to beneficiaries for tax purposes by making these beneficiaries “specifically entitled” (more
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Tax-Free Income … It is possible to receive amounts that you don’t need to tell the tax man about, and don’t have to include as income on your tax return. The ATO classifies these into three different categories: Exempt Income – amounts that have been deemed to be tax-free. Most often this includes government allowances
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