A yuletide FBT liability? Ho ho no

Apart from giving businesses a chance to thank their employees for a job well done over a difficult year, end of year Christmas celebrations are also of course a chance to get everyone together for some fun and socialising. But while you should feel free to pop a champagne cork or three for employees, make

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Contrived trust income arrangements “not on”, says ATO

The ATO’s “trusts taskforce” has uncovered a class of arrangements that it says appears to be designed to “exploit the proportionate approach to trust taxation”. Therefore a taxpayer alert has been issued by the ATO that warns closely held trust trustees against engineering a reduction in trust income to improperly gain access to favourable tax

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SMSF trustees: Tread carefully with peer-to-peer lending investments

One investment option that has surfaced relatively recently, and that SMSF trustees may consider as a part of their strategy to grow their fund, is investing through peer-to-peer lending. Peer-to-peer lending involves an investor – a trustee of the SMSF in this case – providing funds to an online lending platform. This platform, which must

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Substantiation for mobile, home phone and internet costs

The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses. Substantiation for mobile, home phone and internet costs It says that if a client uses any of these for work purposes, they may be able to claim a deduction if there are records to support

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A super legislative tsunami is heading our way

A super legislative tsunami is on its way The bills proposing changes to the superannuation system were introduced into Parliament last week, on November 9. The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 (you can read the details here) contains the vast majority of the changes to the regulation and taxation treatment of

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