WAI Accounting Services

08/04/2021

With many trustees of SMSFs looking at investing in Cryptocurrency and possibly looking to undertake education in this space or any other assets for that matter please have a look at this great article by Heffrons

My client is the trustee of an SMSF. He’s unhappy with the performance of the fund’s investments and is proposing to undertake a course to improve his investment knowledge. Can his SMSF pay the course fees? If so, would they be tax deductible?

07/04/2020

Working from home due to Covid-19?
The ATO has increased the amount you can claim to 80c per hour for home office expenses for the period 1 March 2020 - 30 June 2020. This covers internet, phone, electricity, and depreciation on office equipment.
Further info to be found in the link below.
Or contact me directly with any questions.

With so many Australians working from home to reduce the risk of coronavirus, we’re making it easier to claim your expenses this tax time.

From 1 March until 30 June 2020, we’re allowing you to claim 80c per hour for each hour you spend working from home. This will cover all your expenses, including your:
🔥❄ Heating and cooling
🔌 Electricity
📱 Mobile phone
🖥️ Internet
🧾 Depreciation of office equipment

You can still use other methods to calculate your claim if you prefer; however, whichever method you choose, you’ll need to make sure you have records to support your claim. Find out more about the change at www.ato.gov.au/General/COVID-19/Support-for-individuals-and-employees/Employees-working-from-home/

02/04/2020

Government’s Child Care and Early Childhood Education Relief Package

http://www.waigroup.com.au/governments-stimulus-package-in-response-to-the-coronavirus-2-2/

02/04/2020

More info on the proposed Job keeper payments.

https://www.waigroup.com.au/governments-stimulus-package-in-response-to-the-coronavirus-2/

23/03/2020

https://www.waigroup.com.au/covid-19-the-governments-economic-stimulus-packages-explained/

19/03/2020

Given the current circumstances being imposed on some of us to work from home don't forget to keep a track of any home office expenditure

If you’re working from home, you may be able to claim some of your home office expenses at tax time.

You’ll need to make sure your deductions meet the three golden rules when working out your claim:
💵 You must have spent the money yourself (and have not been reimbursed)
💼 Your costs must directly relate to earning your income
🧾You must have a record to prove your claim

We have handy tips and tools to help you record your receipts and calculate your deductions – check out www.ato.gov.au/individuals/income-and-deductions/deductions-you-can-claim/home-office-expenses to learn more!

06/03/2020

Commercial real estate and capital gains tax: understand how it works

Do commercial property investors pay CGT? Understanding the commercial real estate capital gains tax differences will help investors understand how this works.

05/03/2020

28/02/2020

Local shares slumped to their worst week since the financial crisis as coronavirus sparked across-the-board selling, wiping out more than six months of gains.

07/02/2020

Please read for more information on the ATO and its focus on the Investment Strategy.
If you have received one of the ATO letters, and have any further concerns please contact Tes Jordan on 0404 051 557 to discuss in further detail.

The ATO recently identified approximately 18,000 SMSFs who hold 90% or more of their assets in a single asset or a single asset class. The ATO is concerned that these funds may not have met their investment strategy requirements.

04/02/2020

Approximately 10% of SMSFs own commercial property and often this commercial property is leased to a related party. There are a number of rules to follow to ensure the arrangement complies with the superannuation / tax laws.

01/02/2020

Want to know more about owning a property in an SMSF? Contact Tes Jordan from WAI Accounting Services to discuss in more detail.
WAI Accounting specialises in all aspects of Self Managed Super Funds with over 20 + years experience.

Buying property with SMSFs can be complex and confusing, so you must be aware of all rules and regulations that apply to your specific circumstances.