End-of-year super strategies

With the end-of-financial year looming, there are some key strategies you can utilise to maximise your nest egg ahead of 30 June. Maximise super contributions Review your contribution types and amounts to ensure you have maximised (not exceeded) your contribution caps for the financial year. The non-concessional contributions cap for 2015/16 is $180,000 or $540,000…

Claiming mobile phone expenses

With tax time fast approaching, now is a good time to review those tax deductions that are often easily forgotten such as mobile phone expenses. Mobile phone expenses can generally be claimed as a tax deduction provided they are used for work purposes, such as receiving or making work calls. When claiming expenses you will…

LRBA deadline extended

The ATO has extended its 30 June 2016 deadline to 31 January 2017 for SMSF trustees to review limited recourse borrowing arrangements (LRBA) for non-arm’s length income. The Tax Office issued the Practical Compliance Guide 2016/5 in April to provide guidance for SMSF trustees to ensure LRBA arrangements are on terms that are consistent with…

ATO targets rental property owners

The Tax Office is focusing on rental property owners this tax time and is encouraging rental owners to understand their obligations and check their claims are right before lodging their tax returns. The ATO will be paying close attention to excessive interest expense claims and incorrect apportionment of rental income and expenses between owners. The…

Splitting super with your spouse

Since change is an inevitable part of Australia’s superannuation system, trustees and taxpayers should always be aware of and on the lookout for tax-saving strategies to prevent the consequences of unforeseen super changes. One such strategy, which is not only straightforward but also highly-effective, is splitting superannuation with your spouse. Splitting super with your spouse…

ATO simplifies business activity statements

The Taxation Office has recently announced that it is working towards making a simpler BAS to reduce GST compliance for small businesses and also make GST record keeping and reporting easier. This is a result of tax professionals, small businesses and industry associations expressing their concerns to the ATO over current BAS requirements. From 1…