Thinking of a Christmas stay in your SMSF property? Think again!
If your SMSF owns a beach house, country cottage or apartment that feels like the perfect Christmas getaway, this is your friendly end-of-year reminder: you and your family can’t use it over the Christmas and
New Year period, not even “just for a week, ” and not even if it’s sitting vacant. It’s one of the most common SMSF traps, and it can lead to serious penalties. Here’s why, in plain English.
Can the cost of clothing be tax deductible?
Sometimes it can be, but only in limited circumstances. The tax deductibility of expenditure on clothing is subject to strict ATO guidelines. These cover occupation-specific clothing, compulsory or registered non-compulsory uniforms and protective item.
Our Management Credentials
