The status of the humble invoice took on immense significance in the year 2000 when the goods and services tax was introduced. It was a big year for the country, with Sydney hosting that year’s Olympics in the last half of September, Y2K proving to be a fizzer, as well as the introduction […]
By Olivia Maragna It’s already the start of March and the end of financial year is only a few months away. Before you know it, tax time will roll around again, and if you’re not ready you could miss out on big superannuation savings and incentives. As of July 1, 2017, the ATO introduced a raft […]
By Steve Burnham When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in an ATO audit. The car log book is an important piece of tax substantiation for those who use […]
By Steve Burnham Fuel tax credit rates are updated every year (generally on 1 February, but this year they changed on 5 February). It is therefore a timely that the ATO has made public some common errors that taxpayers make when calculating and claiming fuel tax credits. The tips that follow will help taxpayers avoid these errors, […]
By Steve Burnham What types of legal expenses are tax deductible? When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by […]
You can judge whether a car is luxury or not, according to the government, if it costs more than $65,094 for 2017-18 (and $75.526 for “fuel-efficient” cars). It was $64,132 for 2016-17 (with unchanged fuel-efficient option). It’s not an over-the-top price tag if you’re considering true “luxury”, but it’s enough to cop an extra […]
By Rod Myer Self-managed superannuation funds are increasingly being used as slush funds to manage the assets of wealthy people rather than for building independent retirements, according to experts. New figures from the Australian Taxation Office show that personal contributions by members of SMSFs are increasingly dominating and are at much higher levels than personal contributions […]
By Anthony Keane AS tax time approaches, Australians are thinking about collecting receipts and other records to help them get a handy refund soon. Receipts are the easiest way to satisfy the Australian Taxation Office that your deduction is real, but there are some deductions where receipts are unnecessary or impossible to get. The ATO […]
By Anthony Keane CHANGES to superannuation funds’ fee disclosure are making nest eggs more transparent, a timely prompt for the owners of Australia’s 29 million super fund accounts to check what they are paying. New fund fee rules came into force last month and the Australian Securities and Investments Commission has just announced a fresh […]
Rental property investors can claim capital works deductions for construction costs for a rental property, however there are limits imposed in relation to the dates such works were completed. The deductions are only available on residential properties if these were built after 17 July 1985. Generally, up to 15 September 1987 the rate is […]
