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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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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Business expense deduction claims A recent case before the Administrative Appeals Tribunal (AAT) shed light on a growing phenomenon that you should keep in mind for work-related or business expense deduction claims. This case involved a business purchase on Gumtree. Case study of an engineer who purchased business related tools on Gumtree The case involved
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How CGT concessions can affect your business … The small business capital gains tax concessions are extremely valuable. If you are a small business owner who needs to dispose of assets that have risen in value, then accessing these concessions can greatly reducing your consequent tax liability, even to zero. How to access your CGT
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ATO have their eyes on unexpected high deductions If you are planning to claim higher than expected deductions during tax time this year then you may expect to come under the watchful eyes of the ATO. Assistant Commissioner Graham Whyte announced the ATO’s ability to check out work-related expense claims has become more sophisticated due
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