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Individual denied interest deduction - 26th August 2013
Ina recent decision, the Administrative Appeals Tribunal (AAT) hasaffirmed a decision of the Tax Commissioner to deny a taxpayer claim for a personal deduction for interest and bank fees of over$120,000. These were incurred over a two-year period in relation torental properties purchased by a family discretionary trust that hadbeen set up for that purpose, and of which the taxpayer was thetrustee.
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Reasonable travel and meal allowance amounts - 12th August 2013
The ATO has announced the amounts that the Commissioner considers are reasonable for the 2013-2014 income year in relation to claims made for
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Higher contributions cap of $35,000 - 5th August 2013
On1 July 2013, the concessional contributions cap increased from$25,000 to $35,000 for individuals aged 60 years and over. The samethreshold will apply from 1 July 2014 for individuals aged 50 yearsand over.
