In this issue:
- The ATO has seen a lot of mistakes being made on business tax returns over the years, but has kept a record of these so we can all learn from other people’s errors. Laundry expenses can be a legitimate tax deduction, but claims need to follow certain rules, which we sketch out.
- Every SMSF will come to the end of its functioning life at some stage, but the way in which a fund is wound up can leave members with differing retirement benefit outcomes. And if this tax time’s end result is a tax bill, not a refund, there may be a straightforward explanation.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.