Last week we saw the 2012-13 Federal Budget handed down. Our comments were that it contained a lot of 'give' and also a lot of 'take', depending on your circumstances. Last Thursday we emailed our special report summarising all the changes. (Email us if you didn't get a copy - it was our first e-newsletter, and some of your email addresses were incorrect.)
Click here for May's edition, where we cover the following:
* Paying off the home mortgage sooner is an understandable aspiration, but the Tax Office warns that 'mortgage management' or 'split loan' arrangements are likely to be considered tax avoidance schemes as their dominant purpose is to claim tax deductions that would not otherwise be available.
* Although the best tax planning is undertaken in July, not with the end of the financial year on the horizon, we look at a few tax planning tactics that could not only help with your tax return this year, but can set your affairs in better order for next tax year. (NB. the Budget has reduced the Superannuation Contributions $50K limit down to $25K - we apologise that our May 2012 newsletter has NOT been updated to reflect this). Please refer to last week's Budget newsletter for the new rules.
* In a similar vein, we also run through what are commonly assumed to be allowable tax deductions that are actually routinely disallowed by the Tax Office.
* Did you know that your SMSF can claim tax deductions for some insurance premiums?
* We also take a quick look at some quirky FBT facts, and summarise important developments or announcements made over the month.
In next month's issue, we will look at specific end-of-year strategies for small business owners.