Tax Deductions

Tax deductions misconceptions: What you can’t claim Here are some misconceptions about deductions that many taxpayers commonly believe to be claimable, but are typically rejected by the Tax Office. While some are obviously not allowable, they have all been genuinely attempted to be claimed — and in most instances knocked back. Other disallowed claims, however, Read more…

SMSF Retirement TTR

How to give your SMSF a boost in retirement While providing income for retirement is the obvious purpose of a pension paid from a self-managed superannuation fund (SMSF), there are some issues to consider before drawing a pension from your SMSF. Tax rates in accumulation phase vs pension phase The first issue to consider when Read more…

GST Going Concern sale of business

The concept of the “going concern” exemption for GST purposes can still cause confusion when businesses are sold, despite the fact this exemption has been in place for many years. A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise Read more…