With the festive season close at hand, we look at the ways in which the spirit of giving can be extended in a tax effective way.
We also look at the details we know so far about the new transfer balance account requirement for SMSFs, and the cap imposed on these accounts. And as the rules around the valuation of assets held under an SMSF have seen a lot of changes, we run over the more important points.
Also dealt with is the luxury car tax, and the level of substantiation the ATO generally requires in regard to home office claims. Lastly we provide a brief run-down of FBT and a business’s Christmas party, with a handy “decision tree” flow chart. To download the full newsletter, please click here.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
David McKellar is a Chartered Accountant and Director of Allied Business Accountants, an accounting firm specialising in providing strategic advice and taxation services to business owners, investors and Self Managed Superannuation Funds.