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

Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise the a “novated lease”.  Costs in operating the vehicle can also be salary sacrificed.  This is typically referred to a fully novated lease. A novated lease arrangement is a...

Whether you’ve been on a working visa and have been slogging away bagging bananas in Tully for six months, or decided to quit your city job and move to Peru, your employer has been putting money aside for your superannuation. Among sorting out all your affairs, you’re probably also wondering what will happen to your...

You can judge whether a car is luxury or not, according to the government, if it costs more than $64,132 for 2016-17. It’s not an over-the-top s price tag if you’re considering true luxury, but it’s enough to cop an extra tax. So what do I need to know about the luxury car tax? The...

Legislation introducing changes to the superannuation regime were recently passed by Parliament. Among them will be a requirement for fund members to establish a transfer balance account for each retirement phase recipient. In other words, individuals receiving superannuation income stream benefits will be required to have a transfer balance account. Those following the Government’s proposal...

Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, it is a requirement that records should be kept for at least five years. But in practice, full compliance with the substantiation rules may be difficult. It may be simple to keep a receipt for a printer...

The festive season is here again, and as with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some...

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With information sharing occurring more than ever these days, not only between the Tax Office and other government departments but also banks, financial institutions, online auction sites such as eBay and more, being targeted for a tax audit is a very real possibility. Each year the Tax Office writes to tens of thousands of individuals...

Now that we are heading into bushfire season, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come about not only directly, but also...