Agreement 2365811 1920

What if you are forced to unwind your LRBA? Best to have a contingency plan

Limited recourse borrowing arrangements (LRBAs) were once all the rage in SMSF land. However, with the tightening of banking rules this frenzy has begun to abate somewhat over the last few years.

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Bmw 2699554 1920

Understanding novated leases, FBT and claims for work-related car expenses

A novated lease is a popular way for employers to reward and incentivise their staff. Through a salary sacrifice arrangement that includes a novated lease, employees are provided with a vehicle and can also reduce their personal tax liability.

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Road Sign 464653 1920

Stay alert for scams and fraud

The Australian Taxation Office (ATO) is committed to educating taxpayers on how to protect themselves against tax scams and identity theft.

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Cake 2856551 1920

The ins and outs of “entertainment” business deductions

As a tax concept, “entertainment” can be relevant not only to fringe benefits tax (FBT), but also to income tax and even goods and services tax (GST).

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Rental Property

Top 10 tips for rental property owners by ATO

The ATO has published top 10 tips for rental property owners to help them avoiding common mistakes. Learn more to save your time and money.

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Ts 1

Substantiation for work expense claims

If the claims are to be permitted, they must be substantiated by an individual incurring claims for work-related expenses, car expenses, and travelling expenses (Division 900 of ITAA97). Along with the incur deductible expenditure requirement, strict evidentiary requirement imposed by the “substantiation” rules must be satisfied if claims are to be permissible. or work expense claims.

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