SMSF strategy – Tax Office form to adjust concessional contributions

The ATO has released a form that notifies it that a member of a self-managed superannuation fund (SMSF) has made concessional contributions in one financial year (year 1) but their SMSF did not allocate them to the member until the next financial year (year 2). Most SMSFs use provisions in their trust deeds concerning contribution reserves to

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Don’t forget that a fuel tax credit increase has gone through

Small business owners are reminded that fuel tax credit rates increased for fuel acquired from August 1, 2015. Don’t forget fuel tax credit increase. While the next due business activity statement (BAS) is for July (lodgement due by August 21), the following BAS will be for August, which is due by September 21. That’s right,

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Here’s how politician travel allowances compare to yours

Despite the firestorm currently raging over parliamentary entitlements, most people won’t deny Australian pollies are justified in the amount of travelling they do for work. Lawfully, parliamentarians nationwide do have access to a lucrative array of politician travel allowances, other allowances and tax deductions, but the reality is that sufficient representation often correlates to frequent

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Four rental property deductions under scrutiny this tax season

This tax time the Tax Office is specially targeting excessive or inappropriate deductions made by rental property owners. The Tax Office on its Building Confidence webpage has listed four problem areas where landlords may be incorrectly or inadvertently claiming property deductions that don’t suit their circumstances. They’ve also included case studies so that landlords can

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