SMSF stats just keep getting better - Tax Accountants Footscray
The ATO has recently released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some good news.
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Tax deductions specifically for SMSFs - Tax Accountants Dandenong
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members.
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For certain travel expense claims, the term ‘itinerant’ needs clarity - Tax Accountants Chatswood
Being able to make claims for work-related travel expenses is generally an enviable deduction situation, and one that a good many taxpayers would like to achieve — especially given that the status of being deemed an “itinerant” worker brings with it an expectation of a lot of travel kilometres.
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The ATO is looking for personal services income diverted to SMSFs - Tax Accountants Carrum Downs
The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services to their fund, which results in minimising or even avoiding tax altogether on that income.
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Guide to making motor vehicle expense claims - Tax Accountants Cairns
A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming a deduction for motor vehicle expenses. Of course every person’s circumstances may be different, but the following covers most of the relevant information.
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Tax incentive for angel investors in start-ups - Tax Accountants Brunswick
For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying start-up businesses — or as the ATO has dubbed them, early stage innovation companies (ESICs).
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