Changing a will after death — a deed of family arrangement can make it possible
There are times when the terms of a deceased’s will are not suitable and the beneficiaries involved seek to have the will varied. There are various situations where this may be the case, such as changing circumstances over a long period of time from when the will was...
Claiming self-education expenses
The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career. Changing technology and evolving workplaces means that at some stage in every...
Can you claim a tax deduction for insurance premiums?
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....
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...
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...
2 minute quiz: Partnerships
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...
The pension loans 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...
Unpacking statute-barred debts
Various tax implications can arise when a debt becomes statute-barred. So what is statute barring and when can it be a problem? In simple terms, a debt is statute-barred when it has reached a statutory limitation period where it can no longer be legally recovered by...
Builders: Get your taxable payments report ready before August 28
Businesses in the building and construction industry, take note – the deadline is August 28, 2018 to report the total payments you made to each contractor you enlisted the services of in 2017-18. You will need to report these payments to the ATO on the Taxable...
The proportioning rule and your SMSF
When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in...