Archives for August 2016

I’m a volunteer. Any taxing issues?

From sporting clubs or environmental groups to many charity associations, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there are many hundreds of volunteers propping up all sorts of [Read more…]

5 smart things to do with your tax refund.

For many people, their tax refund is treated like a mini lottery win. This tax time, consider putting your “gift” from the ATO to good use and silencing the part of you that wants to fritter it away on things that expire. 1 — Put it into your super Remember the 70-year-old you gets better [Read more…]

SMSF trustee with the travel bug? How to keep your fund compliant.

Are you the trustee of an SMSF but also a travel aficionado? Nothing wrong with that; however trustees need to be aware that there can be negative consequences if you are out of the country for too long. If a trustee relocates overseas for an extended period, the residency status of the SMSF, its compliance [Read more…]

Renting Out Part Or All Of Your Home

Generally, if you rent out part or all of your home, the rent money you receive is assessable. This means that you must declare your rental income in your income tax return, but you can also claim deductions for any associated expenses. However, be warned. If you rent out part of your home, such as [Read more…]

Gumboots? Check, Akubra? Check. Tax Status? …

Hobby farming is a lifestyle choice that has been around for years and looks like an option that, if anything, is on the increase. It can be easy to poke fun at the typical hobby farmer (like the old joke about their skills at growing blackberries and rabbits). For many the choice to embrace the [Read more…]