Avoid Common Mistakes in your Business Tax Return and include Appropriate income
The ATO finds common mistakes in Tax Returns each year, which may cause some disappointment when you receive your assessment. This month’s newsletter will provide some tips to ensure you have declared the right amount. This includes going through all possible types of income such as cash income, commissions, irregular income, government payments, capital gains, and more.
Deductions for clothing and laundry expenses
The ATO allows certain tax payers to claim a deduction or the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. We will go over the treatment of the different types of uniform the ATO will classify, such as occupation-specific clothing, protective clothing, work uniform (both compulsory and non-compulsory), and cleaning expenses.
Steps to take when winding up your SMSF
There will most likely come a time when your SMSF will need to be wound up, with a change in members, the fund’s finances, perhaps separation or other family causes among the many reasons why winding up the fund becomes necessary. The newsletter will go over the required steps for winding up, and the tax implications following winding up.
When the taxman sends a bill, not a refund
Although refunds are the more favourable outcome of a tax, it is still common for a further tax payment to occur. We will explain reasons a bill may arise instead of the usual refund.
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