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ASIC warns against cutting corners on death nominations

The Australian Securities and Investments Commission (‘ASIC’) is putting the financial advice sector on the notice about meeting requirements for witnessing signatures, after finding issues with advisers failing to correctly witness binding death nomination forms for superannuation benefits. Binding death nominations forms are an important part of estate planning – in the event of a [...]

ANAO report: Unscheduled taxation system outages

The Australia National Audit Office (ANAO) Has released its report into whether the ATO effectively responded to the recent unscheduled information technology (IT) system outages (the most significant of which occurred in December 2016 and February 2017). The ANAO notes that online services have become the primary means of transacting with the ATO, so it [...]

IGT releases report on PAYG installments review

The inspector-General of Taxation’s (IGT’s) report into aspects of the Pay As You Go (PAYG) Instalments system has been publicly released, which is the first IGT review undertaken in direct response to insights drawn from the IGT’s complaint handling service.  It also had stakeholder support during consultation on the IGT 2017 work program and attracted [...]

Top 10 Life Hacks for Business Owners

10 Life Hacks To Help You Get Ample Sleep So You Can Give Value To Your Business Life Hacks To be successful you need to give value. Moreover, to give value, you need to be focused, organised, energized and relaxed. These things are vital when it comes to business and if you aren’t quite executing [...]

ATTN – Investment Property Owners

If you own a negatively geared investment property you may be eligible to have less tax withheld from your wages each week and more money in your pocket. Simply lodge a PAYG Withholding Variation, if this is accepted, your employer is directed to withhold less tax from your which gives you more cash flow to [...]

Claiming Deductions on Gifts & Donations

Gifts and donations You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Deductions for gifts are claimed by the person that makes the gift (the donor). For you to claim a tax deduction for a gift, it must meet four conditions: The [...]

No deductions for spouse’s travel expenses

The ATO has issued another DIS regarding the decision in the case of WTPG V FCT [2016] AATA 971, which concerned whether a taxpayer could claim deductions for travel expenses they incurred for their spouse to accompany them to a work-related conference in Lindon as their personal carer. The taxpayer suffered from medical conditions that [...]