The way we approach tax matters can sometimes end up making a big difference to our bottom line and stress levels. Here are three tips to help individual taxpayers achieve a better outcome when lodging and dealing with the ATO this tax time. Tip one: Get help with debts early: If you’re experiencing financial difficulties,…

Transferring a commercial property into an SMSF can be a great way to build retirement savings and take advantage of the tax benefits available to SMSFs. The rental income and capital gains are concessionally taxed, or even tax exempt to the extent the property supports retirement phase pensions. So, if you run a business and…

Undertaking further study is a great way to enhance your skills on the job, but on top of tuition fees you may be facing a range of additional costs. After discussing when you can deduct your course fees in our last article, we’re now considering how you can claim deductions for expenses such as textbooks,…

You’ve worked hard for your super, so make sure you access your benefits in the most tax-effective way possible. Members aged under 60 years will pay tax on their withdrawals, but if you’re over 60 you generally will not pay any tax. But there are always exceptions. The “tax free” component of your benefits is not taxed…

Have you run a small business that has ceased or paused operations? Or perhaps you’ve been hired as an ABN contractor? The ATO is cleaning up the Australian Business Register and is on the lookout for people who may not be entitled to hold an ABN. This year, the ATO has been focused on improving…

When setting up a new SMSF, one of the decisions you’ll need to make is whether you want to pay to establish a new company to act as a corporate trustee. The alternative option is appointing the members as individual trustees, which is initially cheaper, but may have downsides in the long run. A key…

Planning on going “back to school”? The costs can really add up, but the good news is that your course fees may be deductible if the course is sufficiently related to your current employment. In this first instalment of a two-part series, we explain when you can deduct your tuition fees for work-related education. Our…

When you pass away, your superannuation benefits do not automatically form part of your estate. Instead, they’re paid out by your superannuation fund’s trustee who has the discretion to decide who will receive your benefits and in what form. So, what can you do to ensure your super is paid out in accordance with your…

Have you sorted out Single Touch Payroll (STP) arrangements for your small business? If not, it’s time to get cracking! From 1 July 2019, STP reporting will become mandatory for all employers, including small businesses (ie those with fewer than 20 employees) that have previously been exempt. The ATO has set a three-month transition period…

Got an old super fund account you haven’t touched for years? New rules mean “inactive” accounts (ie no contributions or rollovers for 16 months) will lose their insurance coverage from 1 July 2019 – unless you want to keep your insurance and take action now. Low-balance accounts may even be transferred to the ATO for…

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