Archive for August 2017
Deductions for finance on a rental property
Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance costs or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement to generate assessable income. In these circumstances the interest paid is deductible even if it…
Read MoreTax Deductions Specifically for SMSFs
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made, and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members. If an SMSF trustee incurs an expense in the usual…
Read MoreChild Death Benefit Recipients and the Transfer Balance Cap
The death of a parent is hard on all those involved, however once the grieving has eased, a time comes to address financial matters. One of these issues can be what happens to any superannuation they have left. Making things harder is the fact that the new transfer balance cap (TBC) brought in as of…
Read MoreTravel Allowances and the Proper Use of the Exception to Substantiate Claims
A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight in the course of their duties. In most circumstances, when claiming other deductions, you will be expected to be able to substantiate the expense being claimed with documentary…
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