There are many third party services popping up that make it possible for your car to earn some income while you are not using it, such as Car Next Door, Carhood or DriveMyCar Rentals. But, the ATO are now examining these arrangements to ensure everyone is paying their fair share of tax.
Travel expenses relating to inspecting, maintaining, or collecting rent for a residential rental property cannot be claimed as deductions by investors. The travel expenditure is also not recognised in the cost base of the property for CGT purposes.
The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it has been contributed to the fund – even if you change your mind.
The sole purpose test underpins access to your superannuation – that is, superannuation is for the sole purpose of providing retirement benefits to fund members, or to their dependants if a member dies before retirement.
Winter is upon us and as the nights get colder and the days get shorter, it’s easy for the best of us to feel a little down. In cold weather we feel like eating more, drinking more and venturing out less – which unfortunately doesn’t bode well with our health and wellbeing…or the waistline.
As humans, we’re instinctively attuned to follow the mindset of the crowd. In fact, it wasn’t that long ago that prevailing wisdom dictated that the world was the centre of the universe. While we all know that to be eminently false today, at the time it was accepted as a widely held, and undeniable fact.