Reasonable travel and overtime meal allowance amounts
The ATO has released its annual ruling setting out the amounts it treats as reasonable for 2023-24 in relation to employee claims for:
> Overtime meal expenses: The reasonable amount is $35.65.
> Domestic travel expenses: Reasonable amounts are provided for three salary levels for:
- short-stay accommodation in commercial establishments.
- meals (breakfast, lunch, and dinner).
- deductible expenses incidental to travel.
- Meal expenses for employee truck drivers in receipt of a travel allowance and required to sleep (take their major rest break) away from home. The reasonable amounts are $28.75 (breakfast), $32.80 (lunch) and $56.60 (dinner).
> Overseas travel expenses. Reasonable amounts are provided for 3 salary levels for:
- meals (breakfast, lunch, and dinner).
- deductible expenses incidental to travel.
For more details, please follow this link. https://atotaxrates.info/allowances/ato-reasonable-travel-allowances/#allowances-for-2023-24
Avoid schemes targeting SMSFs
Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately channel money or assets into your SMSF so you pay less tax. They may also include arrangements promoting the illegal early release of benefits from your fund for personal use.
To assist you with identifying schemes that may jeopardise your SMSF, we’ve recently updated our web content to provide more information:
- Schemes targeting SMSFs
- Residential property purchased through illegal schemes.
Remember, if:
- You’ve been approached by a someone who recommends you set up a SMSF or use your existing SMSF to participate in one of these schemes or a similar arrangement, you should check the ASIC financial registerExternal Link to make sure they have a financial licence. If you’re in doubt, you should seek a second opinion from a licenced adviser who is independent from the scheme.
- You’re already dealing with a suspected promoter of a SMSF scheme, then you should contact us immediately so we can help.
Don’t be tempted by ‘too good to be true’ schemes. You may risk losing some or all of your retirement savings and receive significant penalties if you enter into one of these schemes. You could also be disqualified as a trustee of your SMSF and may be required to wind up your fund.
Valuing fund assets for your annual return
You need to value your fund’s assets at market value as part of preparing your fund’s accounts, statements and the SMSF Annual Return (SAR) each income year.
The market value is calculated as at 30 June and is the amount someone could be reasonably expected to pay if the asset was for sale.
Remember to get your valuations done before you go to your auditor and provide relevant evidence to ensure your audit is completed in time to lodge your SAR.
Start researching now to:
- find who can value your assets
- what type of evidence you need to support the valuation of your fund’s assets.
Asset valuations are reviewed by your approved SMSF auditor each year, who’ll check assets have been valued correctly and assess and document whether the basis for the valuation is appropriate. They’re not responsible for valuing fund assets and if you’re unable to provide your auditor with appropriate evidence of market value of fund assets this could result in a contravention being reported to us.
In some instances, the law requires valuations to be undertaken by a qualified, independent valuer.
