Julia's Blog
By Julia Hartman
LAFHA – Living Away From Home Allowance This blog only applies to workers who are transferred to a temporary work location for a period of less than 12 months. It does not apply to your typical fly or drive in and out worker who has a permanent work site. LAFHAs are taxed as a fringe …
The 2019 Election Budget and Reply Special This year is certainly unique! A budget that first needs to get through an election to be enacted yet there is so much we need to know right now. Rather than look too far into the long-range forecasts I will concentrate on changes that will affect the next …
Refunding Franking Credits – Let’s address the Elephant in the Room – Tax Free Superannuation Labor party policy is that franking credits should not be refunded to taxpayers and self managed superannuation funds (SMSF) who don’t have enough taxable income to pay tax. Note that public superannuation funds that pay tax free pensions will still …
Before embarking on any year-end tax strategy it is first important to consider whether you are going to be in a higher tax bracket next financial year. Examples of how this could happen would be a capital gain because you are going to sell an asset or your pay may go up next year. If your tax bracket is going to be higher next year, then it may be better not to drag deductions from next year into this year or delay income from this year to next year…
Updated 25 January 2019 Normally we don’t buy into the ATO fearmongering each year, saying certain deductions are in their sights. But the attitude of the ATO has changed from just wanting to confirm you are claiming legitimate deductions to actually wanting to find a way to deny a claim for an expense, even when …