SMSF related party rental income deferrals
SMSF related party rental income deferrals due to COVID‑19 The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the ‘in-house asset rules’. This applies to a situation where the fund allows a related party to defer the payment of rent under a lease agreement (on arm’s length terms) […]
Home office expenses rate extension
Shortcut rate for claiming home office expenses extended The ATO has again extended the ability to utilise the ‘shortcut rate’ for claiming home office running expenses to 30 June 2021. It previously only applied until 31 December 2020. The ATO’s guideline allows certain taxpayers to claim a fixed rate per hour (80 cents per hour) […]