Did you know that a random audit by the ATO last year revealed nine out of ten rental property owners made a mistake with their rental deductions? In this first of a two-part series, we share some tips on what you can and can’t claim. This article assumes you own a 100% rental property with no private use.

Do you sometimes take work trips for your business – perhaps to overseas conferences or interstate clients? When a trip is clearly for business purposes only, the rules for deducting your expenses are fairly straightforward

Do you run a side business in addition to your main employment? This could be in primary production (ie a farm or winery), retail or any other profession, trade, vocation or calling, provided it is not in a role of an employee.

There are new rules on the way that will require young adults and members with low super balances to actively “opt in” to holding insurance in super. 

Looking for opportunities to improve cashflow? If you import goods as part of your business, you don’t have to pay goods and services tax (GST) upfront if you’re registered for the ATO’s deferred GST scheme.

If you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can lead to some hefty and unfair penalty taxes.

Over 17,000 SMSFs that are heavily invested in one asset class will soon receive a “please explain” from the ATO to check whether they can justify their diversification risk.

 

 

Your financial well-being and plans for the future can be impacted by various economic events, so below is a video to assist you to stay up to date with the latest indicators. 

Is your super safe if you become bankrupt? Not if it appears you’ve made super contributions to avoid paying your creditors. Talk to us about long-term asset protection.

Planning a share sale or equity capital raising? If your company’s going through a major change in control, the test to access your prior losses has now got easier.