The new financial year is finally upon us, as we bring you news of a few important changes. If you are a trustee in a self-managed superannuation fund (SMSF), you’ll be pleased to know that the ban on in-specie contributions has now been lifted. On the flipside however, the ATO issued a taxpayer alert on SMSF property investments – highlighting the need for SMSF trustees to steer clear from common mistakes, five of which we outline in this month’s newsletter.
You would have heard about the 0.5% increase to the Medicare Levy, but what many may not realise is how this affects other tax rates. We run through which tax rates are affected and how.
We also review the expenses you can claim as deductions if you work from home and some common myths about employees and contractors, as well as answer the perennial question: can paying for insurance ever be tax deductible? Last but not least, this month’s client newsletter contains an important reminder for closely held and family trust beneficiaries.
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)