February News

In this issue we cover: Claims for vehicle use remain one of the most popular for a huge number of taxpayers, but recent tweaks to both the compliance regime and the provisions for making such claims means that correct record keeping is essential. And as doing business online is becoming even more pervasive, it’s just as well the Tax Office has provided guidance on claiming relevant costs for setting up a website. Trustees of SMSFs continue to make use of limited recourse borrowing arrangements (LRBAs), but there are important considerations, and warnings, to be aware of before you jump in. We also look at an FBT-free commuting alternative, and remind certain taxpayers that the special zone tax offset they may have previously claimed may no longer be available. Please contact this office for clarification, or further advice, regarding any of the topics covered in this newsletter. If you do not wish to receive this newsletter, then please reply to this email with ‘unsubscribe’ in the subject line. LATERALS-February-2016