There were a couple of housing-based superannuation contribution proposals contained in this year’s Federal Budget, for which draft legislation has finally been tabled. We run over the finer details that have been revealed.
And if you or anyone you know has considered driving an Uber car to earn some extra income, we have some essential information that you need to understand. However if you are already a higher income earner, note that a certain income threshold has recently dropped (by $50,000!) that may catch a lot of taxpayers unexpectedly.
We also look at immediate deductions for start-up businesses, and go over the car parking FBT exemptions for small business.
2017-10 – MBS Monthly Update.pdf
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
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)
This is our special 2017-18 Lodgment, Rates and Thresholds newsletter which contains comprehensive tax rates and thresholds as well as lodgment due dates for the current tax year.
2017-09 – MBS Monthly Update [2017-18 lodgment rates and thresholds].pdf
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)
The small business CGT concessions can be extremely valuable, but sometimes the complexity of the details can be confusing. We clear up some of the more obscure factors.
The rules around LRBAs for SMSF trustees have been fiddled with again, and necessitate (again) a look at the fine print. There is also a new statistical report on SMSFs that trustees should be glad to read.
Also dealt with are the differences between investment returns being on revenue or capital account, and what to do if you need to lodge your next tax return early.
2017-09 – MBS Monthly Update.pdf
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
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)
Making claims for travel allowances is a handy deduction for many employees, especially as the ATO has seen fit to make an exception to substantiate these claims in many circumstances. However this consideration comes with a warning — get it right, or lose that exception. We run over the particulars.
Did you know that there are deductions that are specific to SMSFs? As usual however, there are conditions. We also look at deductions available for financing rental properties, the interaction between the new super transfer balance cap and child recipients of death benefits, and a tax break available for life policy bonuses held for a certain time.
2017-08 – MBS Monthly Update.pdf
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
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)
The ATO is on the warpath over incorrect deductions that many taxpayers try to claim for holiday rental properties, so we take a look at the issues that have been grinding the taxman’s gears.
And if you’re going to soon make an appointment to complete your tax return, we’ve made a general checklist of things to prepare. By the way, you might also be able to claim the travel costs for travelling to see us — we share the particulars for eligibility.
Mobile, home phone and internet costs may be claimed under some circumstances, so we run over the substantiation that the ATO will accept to successfully make these deductions. We also present an overview of streaming trust capital gains and franked distributions.
2017-07 – MBS Monthly Update.pdf
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
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)
