June 2015 Tax Talk – Business Accountants Cairns

By 1 June, 2015News
Read The Full June 2015 Tax Talk Here

In this issue of Tax Talk, we cover:

Aggressive Phone Scams are still prevalent. The ATO has issued another warning to taxpayers regarding phone tax scams where the fraudsters threaten arrest of individuals unless they pay off a fake tax debt.

Renting Out Holiday Homes can allow a taxpayer to claim expenses for the property based on specific factors. Full details of this are avaliable in the Tax Talk document.

An Early Super Fund Access provision amendment has been made, allowing for people suffering a terminal illness to claim their funds under different life expectancy periods.

Capital Gains Tax Main Residence Exception can be acceptably claimed if the home is used partly as a place of business.

A New Regime For Excess Non-Concessional Contributions has been enacted in the 2014/15 Federal Budget. It will allow individuals to withdraw excess NCCs and associated earnings, which will be taxed marginally. There are 6 main steps to follow, of which can be found in the full Tax Talk.