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EOFY checklist for employment-related tax deductions

This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. The individual should also have the relevant written evidence where required. Also, how much of the expense is allowable as a tax deduction will depend on the extent the expenses are incurred in earning the person’s assessable income.

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Builders: Get your taxable payments report ready before August 28

Businesses in the building and construction industry, take note – the deadline is August 28, 2018 to report the total payments you made to each contractor you enlisted the services of in 2017-18. You will need to report these payments to the ATO on the Taxable payments annual report.

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The proportioning rule and your SMSF: It’s all about balance

When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in the same proportion as the tax-free and taxable components of the member’s interest. This requirement is known as the proportioning rule.

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Unpacking statute-barred debts

Various tax implications can arise when a debt becomes statute-barred. So what is statute barring and when can it be a problem?

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Managing tax disputes can be like wrestling with a superhero

It is sometimes said that a superhero like the DC Comics character Superman can be an uninteresting character because he is, for all practical purposes, indestructible. Critics have said the knowledge that he will most likely win can make Superman’s adventures monotonous.

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Small business concessions under the spotlight

The CGT concessions for small business are important for qualifying businesses in that they can defer, reduce or remove liability to CGT.

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