Getting deductions for clothing and laundry expenses right
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective
wear and for certain unique, and usually distinctive, uniforms.
There will most likely come a time when your SMSF will need to be wound up, with a change in members, the fund’s finances, perhaps
separation or other family causes among the many reasons why winding up the fund becomes necessary.
Most people who earn income as employees have tax payments made on their behalf throughout the year through pay-as-you-go (PAYG) withholding
to help them meet their annual tax obligations. But this withholding of amounts can sometimes miss the mark.
The ATO’s eligibility requirements for SMSF trustees or directors
All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years
old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a
Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme.
The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to
businesses that are flood-affected.