Can your client claim a tax deduction for insurance premiums?

As a general guideline, the ATO will allow a deduction for insurance premiums if it can be shown that the insurance cover relates to earning assessable income.  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

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Little Bo Beep claimed her sheep: Accounting jokes and trivia

Accountants are unjustly known as a dry breed.  Outsiders to the profession don’t seem to know, but where numbers are concerned – and in the tax multiverse, they are concerned gravely – the potential for cerebral jokes is virtually infinite. Accounting jokes trivia Therefore, behold:  We’ve compiled the cleverest jokes and stories adored by bean

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Report: Retirees spend modestly, despite levels of income

New research has revealed that most retirees do not spend as much as has been thought in retirement, and that this does not vary as much as expected regarding income levels — apart from the lowest income households. The study also suggests that policy proposals regarding superannuation tax concessions may miss the mark as far

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Personal insolvencies jump over June quarter

The most recent personal insolvency statistics have been published by the Australian Financial Security Authority (AFSA, formerly known as the Insolvency and Trustee Service Australia). The data shows that compared to a year ago, personal insolvencies increased 13.7% for the June quarter. And compared to the March quarter this year there was a 10.7% increase.

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