Businesses & individuals have been warned by the tax office’s assistant commissioner against claiming “standard” deductions come July 1, with experts saying justification is necessary no matter how small the deduction.
In November 2017, the Government passed legislation that will allow certain individuals who sell their main residence to contribute up to $300,000 of the sale proceeds to superannuation.
It’s a very simple concept but a very ignored area of day to day life. In my experience, everyday Australians just don’t put enough emphasis on their financial future.
Now is a great time to get organised before you begin the tax return process. It can be a little bit overwhelming, so here are some helpful tips you can follow to get prepared.
