Deductions for donations — up to a point

  Most taxpayers are aware that donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so called “bucket” donations). For taxpayers to be able to claim a tax deduction for a donation or

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Bankruptcy, SMSF trusteeship, and trust deed safeguards

  Bankruptcy is a serious issue for anyone, but additional caution needs to be taken by members/trustees of SMSFs. Jeff Song, solicitor at Townsends Business & Corporate Lawyers, says that superannuation law expressly disqualifies any undischarged bankrupt person from acting as a trustee, or director of a corporate trustee, of an SMSF. He also reminds

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Facts and conversation starters about Australian money

You’ve probably got some on your person right now, either in the wallet or purse or just shoved into your pockets. But there’s more to know about money than just how to make it, spend it, save it and try to not pay too much tax on it. Facts and conversation starters about Australian money.

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