A vindication for your making the sensible decision to seek out professional advice can be to find that the costs of doing so are deemed tax deductible. While the deduction rules for professional consultation on tax affairs are typically straightforward, when it comes to investment advice there are certain differences in regulations you should be aware of. We have also uncovered a possible tax deduction where tax advice is provided by a financial planner. This is due to a recent law change to the Tax Agents Services Regime.
We look at what the Tax Office says are common tax deduction errors made by rookie property investors, spell out the Tax Office’s powers under the law when it comes to accessing to your information, and run through the areas coming under its scrutiny for SMSF compliance issues in the year ahead.
On a positive note, the Tax Office is also seeking input from savvy small business owners to help it build its small business expertise. You can apply to join its consultation panel and even be paid for your efforts if successful.
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)