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CLAIMING SELF-EDUCATION EXPENSES

The value of a good education is widely accepted, and  it is a common experience over one's working lifetime to find that further learning is required along the path of one's chosen career.

Changing technology and evolving workplaces means that at some stage in every taxpayer's life, an educational re-boot could become necessary - as the adage says. 'You're never too old to learn'. Therefore supplementary education mid-career is a valuable, and hopefully income-boosting, pursuit.
           
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CHANGING A WILL AFTER DEATH? A DEED OF FAMILY ARRANGEMENT CAN MAKE IT POSSIBLE!         

There are times when the terms of a deceased's will are not suitable and the beneficiaries involved seek to have the will varied. There are various situations where this may be the case, such as changing circumstances over a long period of time from when the will was first drafted, or an estrangement between family members is healed (or vice versa).

This is where a deed of family arrangement can be utilised, however it is an option that requires all interested parties to agree on the outcome.
                        
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YOUR CLAIM FOR A BUSINESS TAX LOSS CAN BE DENIED

Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses - there are circumstances where the ATO is legitimately able to deny such claims.

The ATO has the discretion to disallow the deduction of a tax loss if, during the relevant income year, the business attempting to make such a claim earned assessable income (or realised a capital gain) that would not have been derived had the loss been unavailable as a deduction (our emphasis).

                        
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LET A GST CREDIT SLIP THROUGH THE CRACKS? ALL IS NOT LOST!

Most small business owners stay on top of their GST refunds, mainly because of cash flow concerns, but it's not all that uncommon to now and then lose track of a credit. What quite a few small business owners may not know is that you have four years to claim any GST credit you're entitled to.

The ATO deems that an entitlement to a GST credit ends four years from the due date of the earliest activity statement in which a taxpayer could have claimed it (setting aside any requirement to hold a tax invoice).                                                                            

         
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