Wallace Partners Client Information Newsletter May 2017 Wallace Partners CIN May 2017

Click here to access instructions and checklist : Resolution to distribute income (trust minute) Trustee(s) for discretionary trusts must resolve to distribute the income of the trust no later than the 30th June, 2017.   The resolution formally documents in writing the decision of the trustee, determining which beneficiaries will receive the income of the trust and...

Wallace Partners Federal Budget Newsletter May 2017 The budget announcements contain a suite of tax and superannuation measures aimed at increasing housing stock and improving housing affordability. While the government has not gone close to clamping down on the political and social hot potato of negative gearing, it has taken some steps to restrict the...

The ATO frequently re-focuses its attention on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”. The scenario where investment properties have work done on them often happens shortly after the property is purchased, and has led to the term “initial repair” being commonly used...

The simplified depreciation rules are attractive for small businesses as they allow an immediate write-off for assets costing less than $20,000. In contrast, tax paying entities that do not qualify as a small business must use the general depreciation rules (also known as the uniform capital allowance rules), where assets costing more than $100 need...

Recent superannuation reforms introduced a concept of “total superannuation balance”, which on the surface may give the simple impression that it is the sum of the balances of a person’s superannuation interests. However, this is not the case. What is the total balance relevant for? The total superannuation balance is relevant in determining a super...

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have...

A recent case before the Administrative Appeals Tribunal (AAT) brought into focus a growing phenomenon that you should keep in mind for work-related or business expense deduction claims, especially where the acquisition of claimable assets is made in a certain way. The engineer and his “invoice” The case involved a taxpayer’s attempt to make a...

Wallace Partners Client Information Newsletter April 2017 WALLACE PARTNERS CIN-April-2017

Tax Planning 2017 How important is it to you to know what your tax bill will be before its due, and how you can minimise it? We suggest that a review of your tax situation is advisable.  This will ensure you can take advantage of any opportunities to minimise tax and adequately plan for any tax...