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ATO WAVES A RED FLAG ON DEDUCTIONS FOR HOLIDAY RENTALS

Just when many Australians are considering getting away for a mid-winter break, the ATO is reminding taxpayers that it is paying close attention to rental properties located in popular holiday destinations around Australia.

The ATO recently issued a statement saying that last year it identified a large number of mistakes with deductions for rental properties, particularly with regards to holiday homes.


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STREAMING TRUST CAPITAL GAINS AND FRANKING DISTRIBUTIONS: AN OVERVIEW            

The ATO has stated that a trust's capital gains and franked distributions can, if not prevented by the trust deed, be streamed to beneficiaries for tax purposes by making these beneficiaries 'specifically entitled' to the amounts. This allows beneficiaries to offset capital gains with their capital losses, apply applicable discounts and, subject to certain integrity rules, get the benefit of any franking credits attached to a franked distribution.

                                                     
Click here to download a pdf version of the newsletter to read the full article.                                        

 


           

BE PREPARED: WHAT YOU NEED TO BRING TO YOUR TAX RETURN APPOINTMENT

If you're coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them.

To 'be prepared' is not just a great scouting motto, but a wise approach for everyone, especially at Tax Time. It will also save a lot of time and effort for both yourself and for us.

                                  
Click here to download a pdf version of the newsletter to read the full article.  

 


           

DEDUCTION TIP: CAN YOU CLAIM THE COST OF TRAVELLING TO THIS OFFICE?

Tax time has arrived, but before you have us lodge your return here is another deduction tip - should your circumstances allow (or file this away for next income year.)

The ATO recently issued what it calls a 'tax determination' which more clearly spells out the circumstances of what may be an allowable claim (under the general heading of 'managing tax affairs'). The fact that you can deduct the fee that we charge you is the most widely known of these allowable deductions, but not everyone is aware that you can also make a claim for the costs of travel you incur where the purpose of the journey is to have your tax return prepared.

            
Click here to download a pdf version of the newsletter to read the full article.


 

SUBSTANTIATION FOR MOBILE, HOME PHONE AND INTERNET COSTS

 The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you use any of these for work purposes you should be able to claim a deduction if there are records to support claims. But the ATO points out that use for both work and private matters will require you to work out the percentage that 'reasonably relates' to work use.

     
Click here to download a pdf version of the newsletter to read the full article.              

 



           

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.