self managed super fund

Answers to your self managed super fund questions

A self managed super fund can provide you much greater control over your superannuation assets – and potentially higher returns as a result. However managing a self managed super fund can be a time consuming and complicated process. Here are the answers to common questions surrounding self managed super funds. What is a self managed super fund? A selfRead more…

Tax Deductible Donations

‘Tis the season to be charitable, with Christmas just around the corner many people use this time of year to contribute to various charities and Christmas appeals. But with so many causes to choose from, how do you know that your donation will actually reach those in need? What are the different ways to donateRead more…

Substantiation Requirements for Motor Vehicles

The ATO is now looking more closely at motor vehicle tax deductions. Substantiation requirements must be met where a vehicle falls within the definition of ‘motor vehicle’. A motor vehicle is any vehicle designed to carry a load of less than one tonne or nine passengers. You might be required to substantiate motor vehicle claims evenRead more…

30 June Tax Tips for Approaching Retirement

If you’re nearing retirement any steps to defer income to the subsequent 30 June tax year will be beneficial as your earnings may be lower in subsequent years. You may also consider salary sacrificing up to the concessional contribution limits of your salary into superannuation, and drawing a tax free-pension as a part of theRead more…

Tax Treatment of Life Insurance and Income Protection Deductions

You should insure against risks to your financial freedom that you are unable to absorb. Insufficient insurance can lead to you being unable to meet debt or loan repayments. Life, Total & Permanent Disability, and income protection insurance paid from a super fund are tax deductible. Members of self-managed superannuation funds are now required toRead more…

Tax Treatment of Non-Commercial Losses

As Chartered Accountants and Financial Planners, we are regularly asked about the tax treatment of non-commercial or non-business losses. For individuals who run non-commercial businesses and are not operating through a trust, loss deferral rules apply. The same applies for partnerships where a partner (individual) is not acting in the capacity as a trustee. IfRead more…

Tax Deductions for Superannuation Contributions

There is often confusion around tax deductions for superannuation contributions. Deductions can be claimed where made on behalf of ‘arms length’ employees and self-employed individuals. Using the 2014/2015 tax year as an example, there are two concessional cap limits, dependent on age: Under 50   –  $30,000 49 years or over within the 2014/15 yearRead more…

30 June Business Tax Tips

With EOFY never far away, we’ve put together some 30 June Business Tax Tips for you to apply prior to June 30 and help legitimately reduce your tax bill for the end of the financial year. Be prepared before June 30 so you can save more and do more, with Moiler. Here are 9 Quick 30 JuneRead more…

Claiming Small Business Accrued Expenses

At Moiler, one of the most common questions we answer is around claiming accrued small business expenses that can be claimed by owners. Small businesses can claim accrued expenses incurred but not yet paid given it can be reasonably determined there is a present existing liability. Typical expenses include staff bonuses, salary and wages, andRead more…