The main superannuation changes from 1 July 2017 are:
- From 1 July 2017 rental property owners will be unable to claim a tax deduction for travel expenses related to their rental property.
2017 Superannuation Changes
2017 Federal Budget Tax Issues
Rental property travel expenses no longer tax deductible
From 1 July 2017 rental property owners will be unable to claim a tax deduction for travel expenses related to their rental property. Unfortunately this includes all travel costs eg. to inspect the property,
2017 Tax Planning
General concepts of tax planning involve:
- Delaying the derivation of income – you might not deposit income if on a cash basis, or delay invoicing customers until 1 July if on an accruals basis, of recognising the derivation of income;
Year-end Tax Planning 2016
A taxpayer might consider:
- Deferring income into a latre tax year;
- Whether a lump-sum receipt is really income for services to be provided in a following year;
- Bringing forward deductible expenses or losses;
June 2015 Tax Planner
Principles of Tax Planning
Tax planning may involve using an efficient trading/investing structure, deferral of income, bringing forward deductions, maximising deductions and using all available tax offsets (rebates).
Small Business Start Up Pack
We’ve put together a business start up pack. You can either download as a bundle or read it below.
Reduce the risk of investment fraud
Unfortunately some people try to gain financial advantages from others good nature and may inappropriately seek other’s financial information.
Other than having a healthy sense of skepticism we suggest if something is too good to be true then it probably is just that.
Tax Certainty for Deceased Estates
The government will amend the law to allow the tax exemption for earnings on assets supporting superannuation pensions to continue following the death of a fund member in the pension phase until the deceased member’s benefits have been paid out of the fund. This change will have effect from 1 July 2012.
ATO Focus on Lodgement Dates
The Tax Office, likely through a desire to increase government cash flow, is putting greater pressure on Tax Agents to lodge client returns by their due dates.
ATO Compliance Activities
The ATO has highlighted a number of areas that it will focus on in its compliance activities this year. This includes: