Salary sacrificing loopholes…

(20/09/2019) Have you heard about the salary sacrificing loopholes that can adversely affect your retirement savings plans? Under current laws, employees who sacrifice some of their salary in return for additional super contributions may end up receiving less than they expected because of these two legal loopholes: Employers may choose to count the salary sacrifice […]

Rental property deductions: Part 1

(30/08/2019) Did you know that a random audit by the ATO last year revealed nine out of ten rental property owners made a mistake with their rental deductions? In this first of a two-part series, we share some tips on what you can and can’t claim. This article assumes you own a 100% rental property […]

Claiming work trips for business owners

(13/09/2019) Do you sometimes take work trips for your business – perhaps to overseas conferences or interstate clients? When a trip is clearly for business purposes only, the rules for deducting your expenses are fairly straightforward. You can claim airfares, taxis and car hire (and fuel). You can also deduct accommodation and meal costs for […]

New ATO power to disclose business tax debts

(06/09/2019) If your business has outstanding tax debts, watch out for a proposed new tool in the ATO’s debt recovery arsenal. New laws before Parliament will allow the ATO to report some debts to credit reporting bureaus, who will then be permitted to use this tax debt information in preparing credit worthiness reports. This could […]

When can I access my super early?

(13/09/2019) Thinking about tapping into your super early to help with mounting expenses? It’s not easy as the eligibility rules are strict. You must meet a “condition of release” before you can access you super. The major events are attaining 65 years and “retirement”, which both allow you to access your entire super balance. If […]

GST on imports: are you optimising your cashflow?

(23/08/2019) Looking for opportunities to improve cashflow? If you import goods as part of your business, you don’t have to pay goods and services tax (GST) upfront if you’re registered for the ATO’s deferred GST scheme. Instead, you can defer and offset GST amounts in your next business activity statement (BAS). However, there are some […]

SMSFs: ATO to check on investment strategy compliance

(30/08/2019) Over 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justify their diversification risk. Diversification is just one of five key matters that all SMSF trustees must regularly review as part of their legally required investment strategy. Know the […]

Super “opt out” choice for high earners

(16/08/2019) If you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can lead to some hefty and unfair penalty taxes. Fortunately, proposed new laws will give those high income-earners the opportunity to take proactive steps to overcome any penalties. A person’s concessional contributions (CCs) are […]

Drawing on super to buy your first home

(09/08/2019) Saving for your first home? In a market where owning your home is out of reach for many, the First Home Super Saver (FHSS) scheme offers some practical hope, allowing you to take advantage of your super’s tax concessions to build up and then access your super savings. The FHSS scheme is clearly for […]