Click here to view: EFA Tax and Super Newsletter-December-2017

We look at the top 10 tax mistakes that rental property owners can make, pick apart where car expenses stand in relation to novated leases, and clarify when (and where) the concept of “entertainment” sits with regard to the deductibility of certain events to a business.

For more on what constitutes “entertainment”, see tax ruling 97/17. And for rules that determine if an entertainment expense is deductible or not, see section 32-5 of ITAA97. The denial of a deduction regarding car expenses ruling can be found here.

Also, recent legislative changes mean that SMSF trustees need more than ever to stay aware of the value of assets, and makes the forced unwinding of an LRBA a more real possibility for many. We run over the practical aspects.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.