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GUMTREE SOURCED ASSETS, AND THE REALITIES OF MAKING A CLAIM

A recent case before the Administration Appeals Tribunal (AAT) brought into focus a growing phenomenon that you should keep in mind for work related or business expense deduction claims, especially where the acquisition of claimable assets is made a certain way.

The AAT case involved a taxpayer's attempt to make a claim for the cost of work-related tools that he bought through the classified ad and community exchange site Gumtree. 

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GETTING DEDUCTIONS FOR CLOTHING AND LAUNDRY EXPENSES RIGHT         

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms.

To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have diary records or other evidence of your cleaning costs.
                        
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WHAT IS YOUR "TOTAL SUPERANNUATION BALANCE" AND WHY DOES IT MATTER?

Recent superannuation reforms introduced a concept of "total superannuation balance", which on the surface may give the simple impression that it is the sum of the balances of a person's superannuation interests. However, this is not the case.

                        
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SIMPLIFIED DEPRECIATION RULES FOR SMALL BUSINESS

The simplified depreciation rules are attractive for small businesses as, among other things, they allow an immediate write-off for assets costing less than $20,000. In contrast, tax paying entities that do not qualify as a small business must use the general depreciation rules (also known as the uniform capital allowance rules), where certain assets need to be depreciated over their effective life.                                                       

         
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FINANCIAL SOLUTIONS

 
Insurance – protect your most valuable asset

How would your family or loved ones cope if you suffered an accident or illness? Would you be able to survive a forced retirement? Nearly a third of Australians over the age of 45 retire early due to ill health.  You have worked hard to support your family and have built up a healthy level of savings. A serious injury or illness could put these life savings and retirement plans in jeopardy.

Australians insure their homes and cars, often with barely a second thought, but only a minority protect themselves and their loved ones should something happen to them. In fact, we're one of the most under-insured countries in the developed world with many families suffering financially if something happened to one of the breadwinners.

Let us help protect you and your loved ones. Contact us today to arrange a complimentary meeting to discuss your personal life insurance needs.

·         How much cover do I need?

·         Should I hold insurance inside or outside of super?

·         Stepped vs level premiums?

·         Any vs own occupation?

·         I'm paying a large premium now, do I need to be?

·         I've got existing cover in my super but don't know if it's appropriate?

·         I'm a SMSF trustee but haven't considered the insurance needs of the members.

Visit our website for more information or contact Erich or En to organise a introductory meeting.