A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest. Ruling TR 2019/2 replaces an earlier ruling on the same topic that has since been withdrawn (TR 93/7W), and spells out the circumstances when penalty interest is generally deductible and the situations where this is not the case.
This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2018-19 year. While the best strategies are adopted in July (that is, as early as possible in a financial year and not at the end), it’s […]
Division 293 was introduced about five years ago, and is intended to even out the concessional tax treatment that higher income earners enjoy on some superannuation contributions. This results from super contributions made before tax being taxed at 15% within a fund, and the higher relative difference in marginal rates for high income earners compared […]
Putting your money into bricks and mortar has been a traditional stalwart of investing for generations of Australians, and continues to be viewed as a solid place to park spare cash and build wealth in the long term. For many years a lot of us seem to have heeded the quote attributed to Mark Twain: […]
Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, records must be kept for five years. But in practice, full compliance with the substantiation rules may be difficult. It may be simple to keep a receipt for a printer purchased for a home business, but not […]
