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TRAVEL ALLOWANCES AND THE PROPER USE OF THE EXCEPTION TO SUBSTANTIATE CLAIMES

A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight in the course of their duties.

In most circumstances, when claiming other deductions, you will be expected to be able to substantiate the expense being claimed with documentary evidence, and produce that evidence should the ATO request it. 

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CHILD DEATH BENEFIT RECIPIENTS AND THE TRANSFER BALANCE CAP         

The death of a parent is hard on all those involved, however once the grieving has eased, a time comes to address financial matters. One of these issues can be what happens to any superannuation they have left.

Making things harder is the fact that the new transfer balance cap (TBC) brought in as of July 1, 2017 complicates this matter further. It is important that you consult a professional to ensure that all the matters are properly dealt with.
                        
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TAX DEDUCTIONS SPECIFICALLY FOR SMSF'S

One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test - that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund's members.

If an SMSF trustee incurs an expense in the usual operation of the fund, this will generally give rise to a deductible expense against assessable income.

                        
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DEDUCTIONS FOR FINANCE ON A RENTAL PROPERTY

Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance cost or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement to generate assessable income.

In these circumstances the interest paid is deductible even if it exceeds the income generated. The deductibility of interest is to be determined from the purpose for the borrowing and use to which the borrowed funds are put.                                                       

         
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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.