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SMSFs and the in-house asset rules

Posted by Team AVS on 16 Aug, 2017  0 Comments

A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing.

What does the ATO say in relation to the in-house asset rules?

Recent ATO statistics on the SMSF sector show the proportion of reported breaches that relate to the in-house asset rules remains high. While it can be argued that the higher number is because the in-house asset provisions are by far the most complex and hard to understand SMSF investment rules, it is still critical for trustees to improve compliance to prevent the substantial penalties imposed for breaching these rules.


Deductions for finance of a rental property

Posted by Team AVS on 8 Aug, 2017  0 Comments

Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance costs or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement to generate assessable income. In these circumstances the interest paid is deductible even if it exceeds the income generated.


Year-end Tax Planning Strategies

Posted by Team AVS on 15 Jun, 2016  1 Comments

The financial year is going to end soon and as your accountant, it is our responsibility to help you arrange your financial affairs in a manner so as to minimize your tax liability within the framework of the Australian taxation system. Here, we have put together some strategies for year-end tax planning. You need to act fast, and should you want to discuss your circumstances and how you can take advantage of these strategies


7 Things Businesses Can’t Claim as a Tax Deduction: Part 2– by Intuit Quickbooks

Posted by Team AVS on 31 May, 2016  0 Comments

Businesses can incur many expenses, but not all of them are tax deductible. Aside from things like entertainment expenses, phone use and certain business travel, we highlight additional expenses you should think twice about before claiming. While we’ve previously run through some of the popular mistaken tax deductions, you should be aware of a few more to avoid questioning and potential prosecution from the Australian Tax Office.


Are Transportation and Travel Tax Deductible? – by Intuit Quickbooks

Posted by Team AVS on 31 May, 2016  0 Comments
Find out exactly what is and isn’t tax deductible when it comes to travel expenses.

While transportation can be practically essential to earning an income, the costs of travel and transport aren’t always tax deductible. We explain situations where you can safely claim the cost of travel and transport and when you can’t.
The General Rule about Travel
The ATO generally does not permit individuals to deduct the cost of travel to and from

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