MNY Group 2019 November Newsletter – Lost or destroyed tax records? Don’t panic.

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In November we have included Business & Accounting Topics including:

1. Lost or destroyed tax records? Don’t panic.
Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents when moving home, or technology failures that end up with the same result.

2. An SMSF trustee duty not to be forgotten: The investment strategy
The majority of people who set up their own SMSF say that “control” is a big reason for benefits on running your own superannuation fund, but it is also a big responsibility to make sure your fund grows and provides for your retirement.

3. Small business: Low-cost assets & the threshold rule
There is a rule in tax law that allows a business that doesn’t use simplified depreciation to claim an immediate deduction for most business expenditures of $100 or less to buy tangible assets.

4. Three wise FBT tips for Christmas
Employers know that popping a champagne cork or three to celebrate the festive season lets staff know their efforts are appreciated, but the well-prepared business owner will also know that a little tax planning can help ensure that it’s not the business that ends up with the FBT hangover.

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