Stapling super: Reducing multiple accounts for employees The new legislation will ensure that when an employee moves jobs, the super fund they used with their former employer will be ‘stapled’ and will automatically follow them. Under current rules, if an employee...
Buying a new home before selling the old one: The ins and outs Sometimes an individual or couple decides to buy a new home before selling their existing one. In such cases, a concession exists that allows for both houses to be treated as a main residence for up to six...
Capital works deductions for rental property Rental property investors can claim capital works deductions for construction costs for a rental property. However there are limits imposed in relation to the dates such works were completed. The deductions are only...
Trust distributions from a discretionary trust The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets. A trust is...
Avoid common mistakes in your business return, and include appropriate income We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have:...
Getting deductions for clothing and laundry expenses right The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To...
