There can be capital gains conundrums when sub-dividing the family property, so we run through the typical scenarios to dissect the likely tax outcomes. And another perennial head-scratcher is the deductibility of the interest payable on borrowed funds. A GST exemption is available when a “going concern” business is involved, so we look at the […]
There’s nothing wrong with sourcing certain business assets through peer-to-peer websites like Gumtree or even a Facebook group. It’s when it comes to substantiating a tax claim that these sorts of transactions can end up being difficult. The ATO’s rules regarding deductions claimed for work clothing, or for laundering clothes, are fairly straight-forward, but there […]
FBT and the provision of cars to employees continues to cause potholes in the road to smooth tax compliance for businesses. We run over the usual FBT return problem areas. Also, as the “sharing economy” is becoming more prevalent, the ATO has found it necessary to issue some guidance. A not-uncommon conundrum for many […]
There is a particular speed hump to negotiate when chasing one of the valuable small business CGT concessions, and that is if the asset involved is “active” as opposed to “passive”. We explain the difference. There are certain steps to take when tying up the loose ends when looking after a deceased estate, so we […]
With the festive season close at hand, we look at the ways in which the spirit of giving can be extended in a tax effective way. We also look at the details we know so far about the new transfer balance account requirement for SMSFs, and the cap imposed on these accounts. And as the […]
If you have the unfortunate consequence of having a tax debt, there are certain steps that can be taken to help ease the pain. We look at the relief available. Sometimes a valuation is necessary for tax purposes, but there are various ways to go about getting one. There are similarities also in getting deductions […]
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 […]