Category «Tax»

LAFHA – Living Away From Home Allowance

LAFHA – Living Away From Home Allowance This blog only applies to workers who are transferred to a temporary work location for a period of less than 12 months. It does not apply to your typical fly or drive in and out worker who has a permanent work site. LAFHAs are taxed as a fringe …

The 2019 Election Budget and Reply Special

The 2019 Election Budget and Reply Special This year is certainly unique! A budget that first needs to get through an election to be enacted yet there is so much we need to know right now. Rather than look too far into the long-range forecasts I will concentrate on changes that will affect the next …

Franking Credit Detailed Argument

Refunding Franking Credits – Let’s address the Elephant in the Room – Tax Free Superannuation Labor party policy is that franking credits should not be refunded to taxpayers and self managed superannuation funds (SMSF) who don’t have enough taxable income to pay tax. Note that public superannuation funds that pay tax free pensions will still …

The $25K Immediate Writeoff – Clever Trick

(Download PDF) Time to start thinking about whether you would like to take advantage of the $25,000 (increased from $20,000 on 29th January, 2019) immediate tax deduction before the end of the financial year. Though it will still be available in the 2019-2020 financial year. The full detail on how this works is below but …