A tax boost for low and middle income earners
Your lower and middle income clients won’t see any benefit from a new tax offset announced in May’s Federal Budget until about a year from now, when a lump sum credit is recorded in their tax assessment, courtesy of the ATO.
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Tax Store North Ryde in collaboration with Optus Campus
Our partners, Rania and AJ, from Tax Store North Ryde are helping the staff from Optus Campus with their tax returns.
Tax Store supporting the local community
Tax Store are proud sponsors of the Dingley Dingoes Football club. Last night director Nurudeen Abbas headed down to talk to the team about all things tax. It was great to hang out with the guys and we wish them all the best for the rest of the season.
Can you claim a tax deduction for insurance premiums?
As a general guideline, the ATO will allow a deduction for certain insurance premiums if it can be shown that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally out. Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by the ATO in certain circumstances, even though having the insurance policy does not of itself “earn” income for the taxpayer.
Are you Division 7A compliant?
Division 7A is an integrity measure that was designed to prevent companies from making tax-free distributions to shareholders or their associates. This can occur where distributions of profit are disguised as loans or other transactions. This effectively allows the shareholder or their associate to have access to the corporate tax rate.
Plan Ahead: Tip to better prepare for Tax Time 2019
It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes.
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