Entries by Lachlan Hunn

Concessional contribution carry forward rule

Retirement may be a distant thought or a worrying reminder. However, it is never too early or too late to top up your super fund for the provision of a better future. From 1 July 2018 you may be eligible to top your concessional (tax deductible) super contributions under the new carry forward rule. If […]

Can I move overseas and keep my self managed super fund?

Change of plans? A move overseas may be around the corner! But what does that mean for your Self-Managed Super Fund (SMSF)? You must ensure your SMSF retains its status of an Australian Super Fund to avoid substantial penalties. To do this, there are three residency conditions to meet: The fund was established in Australia […]

What can I claim in my tax return without receipts?

Tax time can be a chaotic period, so finding your receipts for work related deductions can be a huge hassle. Fortunately, there are some legitimate work related deductions that can be claimed without proof of receipt. Taxpayers may be entitled to claim the following: Up to 5000 kilometres of work related travel This might include carrying bulky tools and travel […]

Medicare levy increase

Changes will be made to the Medicare Levy starting from July 1, 2019 when it will rise from the current 2% to 2.5%. The Medicare levy increase will raise an estimated $8.5 billion across the first three years from induction to ensure the National Disability Insurance Scheme is sufficiently funded. However, there will be continued […]

Work related expense crackdown by the ATO

The Australian Taxation Office’s (ATO) ability to check work related expense claims (including incorrect and unusually high claims) has become more sophisticated through the use of technology and data analysis which increases its audit coverage of individual taxpayers. This is predominantly through the ATO’s data matching programs (for example matching data from state titles offices […]

Is the cost of your new website deductible?

The cost of developing a new website for your business is not usually tax deductible in full. The costs can be depreciated which generally means you receive the benefit of a tax deduction over a few years, although there are some concessions for small business owners. If you are a small business (you have a […]