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Written by Adele Wardley. As you and your practice prepare for the end of the 2012 financial year, check you have these simple tax strategies covered:Do any repairs and maintenance to the surgery premises that you have been putting off. For small business taxpayers the repairs will need to be paid for by 30 June to be deductible. For larger taxpayers the repairs must be invoiced by 30 June to be deductible this year.Bring forward any expenses you are likely to incur in the next few months. E... More...
Written by Adele Wardley. 1. Ensure any pensions are paid in full before year end. Failure to do so will result in the fund losing their substantial deduction for exempt pension income. See my detailed article here.2. Review the fund’s capital gains tax (CGT) liability, and consider whether there are any capital losses which should be realised to reduce capital gains. Remember that the sale of assets must be genuine, and any capital loss on assets sold and immediately re-purchased will not b... More...
Written by Adele Wardley. If your education relates to your employment keep all receipts for text books, materials, computers/iPads/tablets, internet connections, and study related travel. You may be able to claim a self-education tax deduction. If you are still studying you may consider obtaining employment in an area that directly relates to your course. By qualifying for the self-education tax deduction you will be able to claim a deduction for the education expenses you had to pay anyway... More...
Written by Adele Wardley. If your self managed superannuation fund pays a pension you may be at risk of a significant tax penalty if you make a mistake - even an honest administrative error. In a draft ruling released by the Australian Taxation Office (TR 2011/D3), the Commissioner states that where the minimum pension amount is not paid within the financial year the pension will be taken to have ceased and the deduction allowed for exempt pension income will be denied.Unfortunately for SMSF... More...