Sometimes small business owners pass up the at-times lucrative small business CGT concessions simply through not knowing that they are eligible to claim them. Answering a few basic questions can clear this up. We explain how the “personal property security register” can help manage the risk that comes with owning certain assets. We also take […]
Sometimes, essential tax records are missing or even destroyed. But all is not lost, as there is a “plan B” that can be put into affect, so we run through the options to help your tax outcome. The investment strategy of any SMSF is not “set-and-forget”, and if not re-visited from time to time, could […]
Deductible work-related expenses are always tempting to chase down, but to stay out of trouble with the ATO it’s always good to have fact sorted from fiction. We also look at the special CGT rules that apply when spouses have different residences. There’s an exemption from reporting obligations for employers for certain “personal security” fringe […]
Property developers often feel the gaze of the ATO on their activities, so we look at what could be getting its attention. Still on residences, we look at some little known facts about the CGT exemption that generally, but not always, applies to inherited homes. Also dealt with is the tax that children’s savings accounts […]
The 2019-2020 Lodgement Rates and Thresholds newsletter helps to save you from searching endlessly to find the right tax rate or relevant threshold this tax time, with all the relevant information right here in one place. This guide inluces tax rates, offset limits and benchmarks, rebate levels, allowances, and essential super, as well as FBT […]
Heading overseas for that trip of a lifetime? There could be a few simple steps you can take to ensure all is in order tax-wise, both while you’re away and after you return. We also look at trust distribution resolutions, whether your backyard projects are considered a business or a hobby by the taxman, and […]
When a loan is paid out early, it can sometimes trigger a penalty interest charge. There are circumstances where this charge can be tax deductible, but also many instances where this is not the case. A new tax ruling teases out the likely outcomes. This new income year is the first where an amount of […]
SINGLE TOUCH PAYROLL: NEW PAYROLL REPORTING REQUIREMENTS EFFECTIVE 1st JULY 2019 The ATO are changing the way employers report tax and super information to them. Therefore employers will need to start using what is referred to as “Single Touch Payroll”. Parliament has now passed legislation to extend Single Touch Payroll (STP) reporting to include all small […]
With Tax Time 2019 just around the corner, we run over the sort of substantiation that the ATO expects for work-related deductions that taxpayers claim. We also look at Taxable Payments Annual Reports, and the new industries that these cover starting this year. Also this month we cover the ATO’s compliance actions that it is […]
Recent changes have been made to some social service, family benefit and other entitlements, which we run through and explain. There are also changes looming for superannuation contribution caps (the good news here is that they are increasing). And did you know that the basis to determine the costs of aged care accommodation is being […]