Tax season is here and, after a few surprise changes in this year's budget, our financial planners phones have been running hot with enquiries.
Some are fairly straightforward – such as "how long should I keep my receipts for?" (generally five years) and "'can I still easily claim car-related expenses after recent changes?" (yes).
But others around investment, superannuation and property, can take weeks or months of planning to execute.
Not only has the Australian Taxation Office (ATO) signalled several areas it is cracking down on, such as improper claims around rental properties, but both the federal budget and Labour reply, offered several hints about areas of change.
Smart Investor Weekend asked tax experts which questions have been coming up frequently and how investors should approach them. Here are their answers
So we hope the lead time in to the End Of Financial Year goes smoothly for you. We are now working very closing with the VA Group who specialise in accounting, and between us both feel we can clear up many of the issues raised.
If there is anything you are unsure of, please contact our office.