News

Claiming self-education expenses

The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career.Changing technology and evolving workplaces means that at some stage in every taxpayer’s life, an educational re-boot could…

How to deal with SMSF trustee disputes

Everyone goes through the odd rough patch in their relationships with one another and SMSF trustees are no different. However the ramifications of a dispute between trustees are likely to have more wide ranging affects than the average quarrel between friends as SMSF trustees have vested interests, established duties and…

Client: “Where’s my tax refund?”

Explaining timeframes, key terms, and possible reasons for delaysFor some clients, waiting for their expected tax refund can seem to drag out interminably, and some mistake receiving a receipt ID as a sign of an imminent ATO deposit into their bank.So if you have a client who has a bad…

A tax boost for low and middle income earners

Your lower and middle-income clients won’t see any benefit from a new tax offset announced in May’s Federal Budget until about a year from now when a lump sum credit is recorded in their tax assessment, courtesy of the ATO.The Low and Middle Income Tax Offset (LMITO), like all tax…

ATO announces changes to how penalty relief is applied

From 1 July 2018 the ATO says it will not apply penalties to tax returns and activity statements where your clients have made an inadvertent error by failing to take reasonable care or due to the fact that they have not taken a “reasonably arguable” position (more below).It says that if…
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