Issue 103 – The Newsletter

James Murphy

The Newsletter ATO RECEIVES FIVE MORE YEARS OF POLICY DETAILS FROM INSURERS ABOUT “LIFESTYLE ASSETS” LIKE YACHTS, FINE ART etc… On 18 December 2019, The Australian Taxation Office (ATO) revealed it will be requesting a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles …

Issue 103 – Bonus Issue

James Murphy

Bonus Issue TAX SAVING TIPS (2020) – OVER 150 IN APHABETICAL ORDER  Accounting on the Cash Basis?   Paying all creditors by 30 June will allow these expenses to be deducted this financial year.  If you have the funds, making payments on 29 June instead of…say 8 July, will defer tax for another year. Always Lodge on Time In the …

Issue 103 – Michael’s Corner

James Murphy

Michael’s Corner   Article Number 03   EMPLOYMENT ENTITLEMENTS DURING NATURAL DISASTERS OR EMERGENCIES Given the state of Australia and our natural landscape we have put together this newsletter with input from the Fair Work Ombudsmen and Fair Work Act 2009 What are employment entitlements during natural disasters or emergencies? With the bushfire season still creating havoc and other natural disasters …

Issue 102 – The Newsletter

James Murphy Tax

THE NEWSLETTER Tax Planning Opportunities for Everyday Business TREASURY LAWS AMENDMENT (2019 TAX INTEGRITY AND OTHER MEASURES NO.1) BILL 2019 (This received Royal Assent on Monday 28.10.2019) This amends the: Income Tax Assessment Act 1936 to: Remove a tax deduction which arises upon repayment of principal under a concessional loan by certain privatised entities; Income Tax Assessment Act 1997 to …

Issue 102 – Bonus Issue

James Murphy Tax

Special Bonus Issue  SUPERANNUATION (WEALTH ACCUMULATION TIPS) WHAT’S NEW IN 2019/20? Death benefits and the transfer balance cap – we outline the situation when someone becomes entitled to an additional pension because of the death of their spouse. The superannuation amnesty passed by both houses of parliament. Early opportunities. Superannuation year-end tax planning for 30 June 2020 outlining new opportunities …