Welcome to the Tax Alert – all of the latest tax news, views and clues for this month.
Category: Financial Advice
Qualifying as an interdependent or financial dependant
Qualifying as an interdependent or financial dependant A question that often gets asked when dealing with death benefit nominations is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as a dependant and therefore allow them
ATO Important Dates December 2023
The following are the important ATO dates for this month.
When two bonuses are not enough … Introducing the Energy Incentive!
When two bonuses are not enough … Introducing the Energy Incentive! If you’ve been putting off upgrading the inefficient office air-conditioner, a new 20% bonus deduction might just be the incentive you need to help beat the heat before it arrives with a vengeance! Whilst the small business Technology Investment Boost has now ceased 1
Who is a resident for tax purposes?
Who is a resident for tax purposes? A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a ‘citizen’ of Australia. Moreover, it is highly relevant from a tax point of view, as
Avoid schemes targeting SMSFs
Avoid schemes targeting SMSFs Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately channel money or assets into your SMSF so you pay less tax. They may also include arrangements promoting the illegal early release of benefits from your fund for personal use. To assist you with
Self-education: when is it deductible?
Self-education: when is it deductible? If the subject of self-education leads to, or is likely to lead to, an increase in the taxpayer’s income from current (but not new) income-earning activities, a deduction for self-education expenses incurred will be allowable. There is no specific provision in the income tax legislation that allows a deduction for
TNR Tax Alert – November 2023
Welcome to the Tax Alert – all of the latest tax news, views and clues for this month.
Are you eligible to make a personal deductible contribution?
Are you eligible to make a personal deductible contribution? Personal deductible contributions can allow individuals to claim a tax deduction for contributions they have made to superannuation provided they meet certain requirements. So what are these requirements and what should you look out for? Eligibility requirements You will be eligible to claim a deduction for
ATO Important Dates November 2023
The following are the important ATO dates for this month.
Don’t overlook the CGT small business roll-over concession
Don’t overlook the CGT small business roll-over concession The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free if paid into a superannuation fund. But it
Small business skills and training boost
Small business skills and training boost Looking to boost your employees’ skills and your tax deductions at the same time? Then keep reading to see if you could be eligible for the small business skills and training boost! If you run a small or medium business and are planning on investing in, or recently invested