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Insurance cover through your SMSF can be tax deductible

Posted by Team AVS on 29 Jan, 2019  0 Comments

Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be claimed as deductions by individuals for income tax purposes) may be available as tax deductions for the SMSF.

The same concession applies for any super fund, but the deductibility is available to the fund itself — therefore previous members of retail o

How to pay your BAS?

Posted by Team AVS on 21 Jan, 2019  0 Comments

The quickest and easiest way to pay your BAS is with BPAY, a credit or debit card.

You can also pay using a payment reference number (PRN) if you lodge online.
Early payments to offset future BAS
To offset your future BAS liability, you can voluntarily make early payments. You will need your PRN, and you can use any of the available payment methods.
Payment reference number (PRN)
A payment reference number is your unique identifier that en

The shake up that’s coming to Division 7A

Posted by Team AVS on 12 Jan, 2019  0 Comments

Discussion about reforms to Division 7A has been bouncing back and forth between Treasury and the ATO for many years — since the end of 2012 in fact, giving the impression they may have been stonewalling any moves on Division 7A. But a definite crack appeared in that wall with the May 2016 Federal Budget. It was announced that “targeted amendments” were planned for two years hence from that date — in other words, 1 July 2018.

Well, as

Small business CGT concession changes will tighten eligibility

Posted by Team AVS on 4 Jan, 2019  0 Comments

The legislation Treasury Laws Amendment Bill 2018 has just recently passed both houses in Canberra, which among other measures also makes changes to the long-established small business CGT concessions.

The legislation’s explanatory memorandum spells out the incumbent basic conditions for the concessions to apply, but adds additional conditions that apply only where the CGT assets concerned are shares in a company or interests in a trust.


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