Rules of thumb are sometimes handy, but no-one expects them to be accurate, and such rough standards naturally infer variability. One rule of thumb that has circulated in SMSF circles for years is that the bare minimum required to be able to cost-effectively run a fund is around $200,000. More than a guesstimation, the “bare…
Tax time is in full swing and the ATO has highlighted areas of concern for individuals ahead of tax return lodgment time. High on the ATO’s watch list is work-related expense claims that are significantly higher than expected. In particular, the ATO will be paying particular attention to claims that have already been reimbursed by…
New internet and mobile technologies have allowed people to consider enterprises such as letting a spare room, letting a car space, doing odd jobs or other activities for payment, or driving passengers in a car for a fare. However, the ATO has warned that individuals providing such share-economy services may have tax obligations, which may…
An individual has been unsuccessful before the AAT in arguing that he had “let go” of Australia in 1999 to pursue his “nomadic” working life abroad and that his base of operations was in the United Kingdom. The taxpayer was born in the United Kingdom, and worked as a diver and diving supervisor for overseas…
As your professional life progresses, you will undoubtedly be asked to undertake a personality inventory to apply the theory of psychological types to team environments. One of the most common of these is the Myer-Briggs Type Indicator. A similar inventory has been applied to SMSF trustees with two studies undertaken by independent research group CoreData.…
21 SEPTEMBER August 2015 monthly activity statement – due date for lodging and paying. 21 OCTOBER September 2015 monthly activity statement – due date for lodging and paying. 28 OCTOBER Quarterly activity statement, quarter 1, 2015–16 – paper lodgments – due date for lodging and paying. Quarterly instalment notice (form R, S, or T), quarter…
Most students in Australia can defer paying tuition fees by using student loan schemes. The Higher Education Loan Program (HELP) covers a range of student loans that are paid back through the tax system over time once you start earning enough money. The more you earn, the higher your repayments, and these compulsory repayments go…