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RETIRED AND ASSET RICH BUT CASH POOR? THE PENSION LOANS SCHEME MAY HELP

To help pensioners who are rich in assets but poor in income, the government launched a version of a commercially available financial product, the reverse mortgage.

The government's answer for pensioners who find themselves in the above situation is it's pension loans scheme (PLS), whereby a pensioner can apply for a non-taxable loan using some form of real property as security. The PLS does not provide a lump sum, but a regular fortnightly payment.
           
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PLAN AHEAD: TIP TO BETTER PREPARE FOR TAX TIME 2019         

It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes.
                        
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TIPS FOR YOUR TAX RETURN

Before we sit down with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the 'paperwork', and if you wait until late-July or mid-August the ATO's systems will most likely be able to provide most of the information from employers, banks, government agencies and other third parties.

                        
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ARE YOU DIVISION 7A COMPLIANT?

Division 7A is an integrity measure that was designed to prevent companies from making tax-free distributions to shareholders or their associates. This can occur where distributions of profit are disguised as loans or other transactions. This effectively allows the shareholder or their associate to have access to the corporate tax rate.                                                                              

         
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