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Income from illegal activities: losses and outgoings

Posted by Team AVS on 25 Nov, 2024  0 Comments

You can't claim income tax deductions for income earned through illegal activity.

The income tax law allows deductions against your assessable income for losses and outgoings incurred in carrying on a business. Generally, deductions will be allowed if there is a sufficient link between the loss or outgoing and the business income where the amount is not of a private or capital nature.

However, if your business activities are illegal – tha

Choosing to make personal super contributions

Posted by Team AVS on 12 Nov, 2024  0 Comments

If you're self-employed as a sole trader or in a partnership, you don't have to pay super guarantee for yourself.

You can choose to make personal super contributions to save for your retirement.

Make sure your super fund has your tax file number (TFN). If not:

contributions are taxed an additional 32%
your fund may not accept personal contributions
you may miss out on a super co-contribution, if eligible
it will be harder to keep

Work out if you have to pay super

Posted by Team AVS on 6 Nov, 2024  0 Comments

Work out when employers need to pay super guarantee and which employees are eligible.

When super guarantee is required

If you pay a worker, you are also required to pay them super guarantee:

Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant.
Employee age – for employees who are
18 years or older, you pay it regardless of how many hours they work
under 18 years old, you

Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.