by Val Tse | Jul 3, 2018 | Deduction - Insurance, Income Tax
As a general guideline, the ATO will allow a deduction for certain insurance premiums if it can be shown that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally out....
by Val Tse | Jul 3, 2018 | Division 7A
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...
by Val Tse | Jul 3, 2018 | Income Tax
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...
by Val Tse | Jul 3, 2018 | Partnership
How well do you understand the taxation of partnerships? Try these questions to find out Question 1 Which of the following is the definition of a tax law partnership? An association of persons (other than a company or a limited partnership) carrying on a business in...
by Val Tse | Jul 3, 2018 | Pension Loan Scheme
To help pensioners who are asset rich but income poor, the government launched a version of a commercially available financial product, the reverse mortgage. The government’s answer is its pension loans scheme (PLS), whereby a pensioner can apply for a non-taxable...
