Category: Taxation and You

BY MIKE ALVAREZ – A claim by a taxpayer for expenses relating to his or her home is not allowable unless the taxpayer can establish that a part of his or her home is dedicated for business purposes.  The business…

You may be able to claim deductions for work-related expenses you incurred while performing your job as an employee. However, there are two basic rules you have to satisfy before claiming deductions, as follows: 1. The expense must not be…

In its recent media release, the Australian Taxation Office (ATO) has announced that the Federal Court has fined Barossa Vines Limited and its directors more than $1 million for breaching the promoter penalty provisions of the Taxation Administration Act. The…

Like other super funds, SMSFs are a way of saving for your retirement.  Generally, the main difference between an SMSF and other types of funds is that members of an SMSF are the trustees.  This means the members of the…

Illegal super schemes usually involve a promoter offering to help you access your super early. Promoter of illegal super schemes usually: -Encourage you to transfer your super from your existing super fund to a self-managed super fund (SMSF) to access…

When a person turns 65 years old, below are some of the things to happen: The person loses eligibility for the first home savers accounts scheme; If the person is the oldest person covered by the policy, the private health…

Trustees and members of SMSFs may encounter problems on the residency status of their SMSFs when planning to go overseas for extended period of time. For an SMSF to remain an Australian Superannuation Fund and retain its complying fund status,…

When an SMSF member trustee dies, below are the courses of action: 1.The surviving member trustee must pay the balance of the deceased member trustee to the nominated beneficiary within six months from date of death.  If the nominated beneficiary…

Subsection 67(1) of the Superannuation Industry (Supervision) Act 1993 (SISA) prohibits a trustee of an SMSF from borrowing money. However, there are specific exceptions in Section 67 to the prohibition on the SMSF trustee borrowing money.  These include where the…