July Newsletter Published 9.07.2021

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July 2021 Issue Covered

  • Avoid Common Mistakes in your Business Return, and include appropriate income
    – WHAT TO INCLUDE IN YOUR BUSINESS’S ASSESSABLE INCOME
    – CASH INCOME
    – GOVERNMENT PAYMENTS
    – COMMISSIONS, INVESTMENT EARNINGS, GRATUITIES, COMPENSATION PAYMENTS
    – INCOME NOT PART OF EVERYDAY BUSINESS ACTIVITIES
    – CAPITAL GAINS AND LOSSES
  • Getting Deductions for Clothing and Laundry Expenses Right
    – OCCUPATION-SPECIFIC CLOTHING
    – PROTECTIVE CLOTHING
    – WORK UNIFORMS
    – CLEANING OF WORK CLOTHING
    – DRY-CLEANING EXPENSES
  • Steps to take when winding up your SMSF
    – THE NECESSARY STEPS
    – TAX IMPLICATIONS
  • When the taxman sends a bill, not a refund

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