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Self-employed? You could claim a deduction for saving for your retirement
Posted by Team AVS on 4 Sep, 2018 0 CommentsA recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super.
Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an employer, you were rendered ineligible to claim any tax deduction for after-tax contributions you may have made to your superannuation fund.
But this rule has been removed, effective for the 2017-18
Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims.
The ATO has the discretion to disallow the deduction of a tax loss if, during the relevant income year, the business attempting to make such a claim earned assessable income (or
The ATO has the discretion to disallow the deduction of a tax loss if, during the relevant income year, the business attempting to make such a claim earned assessable income (or