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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Thursday, 04 June 2020

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Making travel claims on tax? The ATO is watching

By Reporter · April 17 2019

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Making travel claims on tax? The ATO is watching

By Reporter
April 17 2019

Reading:

Making travel claims on tax? The ATO is watching

By Reporter · April 17 2019

Reading:

Claims for travel expenses to investment properties are still making it through to the Tax Office, despite the rules changing for investors in 2017.

Under the new rules, investors aren’t allowed to deduct travel expenses associated with their residential property investments.

However, some tax returns are still coming through to the ATO – from tax agents – where travel claims have been incorrectly included.

Although this can be an inadvertent error, it still constitutes breaking the rules, and can result in dispute or penalty.

There also might be a simple, administrative reason errors are making it through to the ATO – there is still a box on tax forms that allow for travel to be claimed.

“Some additional confusion has been caused, particularly in relation to the travel, because if you actually look at the tax return, there is still a box there where you can claim travel, even though the law says you can’t, and I think that has tripped up some people,” said Mark Chapman of national tax and accounting network H&R Block.

There are a series of other deductions the ATO will be keeping a close eye on this tax season. You can read a comprehensive breakdown of those deductions here.