August 2019 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for August 2019:

August – 2019

We would like to highlight the following articles in this month’s newsletter:-

Employees guide for work expenses – The ATO has released an employees guide for work expenses to help employees decide whether their expenses are deductible, and what records they need to keep to substantiate them. The guide says that not all expenses associated with employment are deductible and also debunks some myths about work expense deductions.

Super downsizer contributions reach $1 billion – The Assistant Treasurer, Michael Sukkar, has announced that older Australians downsizing from their family homes have contributed $1 billion to their superannuation funds. The downsizer measure, which commenced on 1 July 2018, allows older Australians to contribute up to $300,000 from the sale of their home into superannuation. If you are looking at selling your home and want to consider taking advantage of the downsizer contribution, please contact us.

Data matching for HELP debts – The ATO is conducting data matching for individuals living overseas with an existing HELP/VSL/TSL debt to ensure that they have properly updated their contact details and lodged their worldwide income or a non lodgement advice. If you have an existing HELP/VSL/TSL debt and plan to live overseas for 183 days in any 12 month period, please contact the office to ensure that you are complying with your debt repayment obligations.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.