A recurrent topic of inquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims for that travel. We unravel the complexities. A start-up business is going to have to make a decision about the type of structure most suitable for their […]
The 2016-2017 Lodgement Rates and Thresholds newsletter helps demonstrate the tax compliance. Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice. Click to Download 2016 Lodgement Rates & Thresholds Guide Disclaimer: All information provided in this newsletter is of a general nature […]
The small business community welcomed the government’s $20,000 instant asset write-off initiative from the last federal budget, but there is an added bonus hidden in the legislation that could open up the valuable deduction to a wider tax-paying cohort than just small business entities. We explain. We also look at legal expenses that are allowable […]
Property investors may be missing out on some valuable depreciation items (and did you know sometimes even the humble garden gnome can qualify), so we run over the sorts of assets you may be able to include. We also look at what is on the taxman’s radar relating to work deductions this Tax Time, and […]
Even though the current financial year is winding up, don’t assume that your 2015-16 tax outcome is set in concrete just yet — there are still some legitimate tax planning strategies that can help us help you not pay a cent more tax than you have to. In the same vein, we also list the […]
This year’s federal budget has a few sweeteners, but not so much that will turn anyone hyperactive. The welcome news is that the turnover threshold for classifying a “small business entity” will increase from $2 million to $10 million. The devil however is in the detail. Disappointingly, the current $2 million turnover threshold will be […]
While your business might own some tempting assets, be careful when making use of these for your personal enjoyment, as this could trigger a tax liability. And if you are considering changing the structure of your small business, a new measure means you might in certain instances no longer trigger CGT. SMSF trustees note; it […]
Claims for vehicle use remain one of the most popular for a huge number of taxpayers, but recent tweaks to both the compliance regime and the provisions for making such claims means that correct record keeping is essential. And as doing business online is becoming even more pervasive, it’s just as well the Tax Office […]
If you are building a new home or repairing an old one, there is a concession that allows you to extend the period when you are able to claim the main residence CGT exemption, even if you are not living in that dwelling, if circumstances are right. And as there still seems to be lingering […]
Everyone likes end-of-year Christmas parties, but there’s no reason to rack-up a tax bill while celebrating. We list five tips to keep the fun tax-free. And while getting a valuation is sometimes necessary, you need to make sure there are no negative tax outcomes. Like everyone, company directors have responsibilities. The potential problem for directors […]