It’s not uncommon for taxpayers to be in dispute with the ATO from time to time, and although the Tax Commissioner may seem invincible, this is not always the case. We look at the best approach to better your outcome. At some stage, SMSF trustees will need to get their heads around the proportioning rule, […]
Undoubtedly the headline item from tonight is tax relief for individuals by lifting the 32.5% tax bracket to $90,000 from 1 July 2018 and the Government’s announcement of its intention abolish the 37% tax bracket in 2024-25. In the 2022-23 financial year we will also see the Low Income Tax Offset increased to $645 and […]
Interest expenses on money borrowed to buy business assets can be deductible. However there are also circumstances, allowed under tax law, where deductions are still available after the relevant asset is disposed of. We run over the details. We also look at the “work test” required for super contributions to be made for those over […]
There’s been a lot of buzz about bitcoin lately, so we thought it timely to run over the ins and outs of cryptocurrencies. Another phenomenon of the modern marketplace is the sharing economy, but care needs to be taken when dealing with businesses carried on via sharing platforms to ensure there are no hidden tax […]
There’s a hidden danger lurking within the FBT rules that business owners should keep an eye on. Where a third party supplier is generous enough to include your employees, there’s a very real possibility that this could trigger a tax liability for that business. We run over this and other quirks of the FBT regime. […]
SINGLE TOUCH PAYROLL: NEW PAYROLL REPORTING REQUIREMENTS EFFECTIVE 1st JULY 2018 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”. If you have 20 or more employees: Single Touch Payroll is mandatory for employers with […]
For a business owner, the issue of bad debts can be bittersweet — yes you’ve missed out on revenue, but at least there’s some tax relief. We look at the conditions necessary to access such consolation. On another financing matter, we touch on the particular considerations necessary when refinancing a partnership. Property investors have recently […]
Recent legislative changes mean that SMSF trustees need more than ever to stay aware of the value of assets, and makes the forced unwinding of an LRBA a more real possibility for many. We run over the practical aspects. We also look at the top 10 tax mistakes that rental property owners can make, pick […]
As it’s getting ever closer to the festive end of the year, we thought it prudent to run over the rules regarding Christmas parties and FBT. And borrowing money from a private company, even if it is your own business, can have serious pitfalls if not carried out correctly, so we look at the dangers […]
There were a couple of housing-based superannuation contribution proposals contained in this year’s Federal Budget, for which draft legislation has finally been tabled. We run over the finer details that have been revealed. And if you or anyone you know has considered driving an Uber car to earn some extra income, we have some essential […]
The 2017-2018 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 Newsletter – De Luca Partners – 2017-18 Rates and Thresholds Guide Disclaimer: All information provided in this newsletter […]
The small business CGT concessions can be extremely valuable, but sometimes the complexity of the details can be confusing. We clear up some of the more obscure factors. The rules around LRBAs for SMSF trustees have been fiddled with again, and necessitate (again) a look at the fine print. There is also a new statistical […]