With bricks and mortar continuing to be the investment of choice for a great many Australians, we run through the claims you can and can’t make for rental property this tax time. But if you are investing via an SMSF, borrowing for an investment must follow certain strict rules. We explain the regulations, which have recently been updated and clarified.
Another area of recent regulatory reform is the Living Away From Home Allowance, which now has both new rules and changed existing rules.
We also look at the revised Net Medical Expenses Offset, and summarise all the post-July 1 tax and super changes to keep in mind for the 2012-13 income year.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)