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Transfer Balance Account Report (TBAR) Update

Posted by Team AVS on 27 Jul, 2018  0 Comments

The ATO requires SMSF trustees to use the superannuation transfer balance account report (TBAR) to advise it when a transfer balance account event occurs. It uses this information to adjust a fund member’s transfer balance account so it can correctly apply the transfer balance cap provisions.

SMSF trustees are required to report the following events:

super income streams in existence just before 1 July 2017
any of the following events

Plan ahead: Tip to better prepare for Tax Time 2019

Posted by Team AVS on 17 Jul, 2018  0 Comments

It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes.

If you haven’t used it already, note that the ATO has an app called myDeductions that will make record keeping easier. The tool allows you to record deductions includin

Can you claim a tax deduction for insurance premiums?

Posted by Team AVS on 7 Jul, 2018  0 Comments

As a general guideline, the ATO will allow a deduction for certain insurance premiums if it can be shown that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally out. Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by the ATO in certain circumsta

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