Working from home, while always an option, has become more viable as technology has developed to enhance connectivity. The ATO is fully on-board with regard to work-related deductions for working from home, but of course has set certain parameters for making claims. Business success can pivot on the quality of staff, so ensuring they are […]
A business facing the prospect of effectively dealing with losses could find their task a little easier with a more relaxed version of the “same business” test put in place by the ATO. We also warn about the new rules that can deny a deduction for some business payments if certain reporting obligations are unmet. […]
Start-up businesses are generally not for faint-hearted investors, but there are tax incentives that can help. We look at two early stage business investment options. Also, a perennial topic of interest for tax is the ability to claim vehicle deductions, so we run over the basics to keep in mind. In this issue we also […]
Compensation for financial wrong-doings, such as has been uncovered by the Royal Commission, may still attract tax. And with any investment, there are taxation issues to consider along the way. We also look at the ATO’s use of “taxpayer alerts”, and the ins and outs of partnership agreements. Please contact us for clarification, or further […]
It’s nowhere near the end of the FBT year, but a third quarter check-up can give you the opportunity to clear up any compliance issues. And it’s a perennial question: how much do you need to retire? We look at the latest estimates. Santa’s probably dusting off the sleigh, so why not plan ahead for […]
Crowdfunding is a relatively modern phenomenon, helped in no small part by the growth of the online world. But with revenue, of any sort, tax is generally something that has to be considered. If you have already lodged your income tax return but then realise you left something out, don’t panic. We can help you […]
There’s a new option in place for self employed Australians to be better able to save for retirement, but another change to the superannuation rules (in the SMSF arena) could lessen the appeal of borrowing to invest. We look at a GST apportioning option to cover private use, and also the compliance steps that may […]
The 2018-2019 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 […]
They say that education comes with a cost, but that ignorance can cost you more. Self education is certainly worthwhile considering, especially as there can be tax breaks for the right sort of training. SMSF trustees are generally family or friends, but that doesn’t mean there won’t be arguments along the way to greater wealth, […]
Not every retiree has heard of the government’s Pension Loan Scheme, but it’s about time more people did. And with Tax Time now upon us, we run over some tips for your tax return. An integrity measure that businesses need to keep a close eye on, called Division 7A, is given the once over, as […]
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 […]