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 […]
If you haven’t heard of the “sharing economy” yet, it could be time to start to get familiar with this “new way of connecting buyers (users) with sellers (providers)”. Services like Uber, Airbnb, AirTasker and MenuLog are all in the Tax Office’s sights to ensure these new forms of business pay their full share of […]
Thousands of Australians head offshore each year to expand their horizons and a lucky few will fund their adventure by working overseas. There are however important tax considerations. We run through the dangers. If we have already lodged your tax return but you’ve discovered an extra deduction you could have claimed, or became aware of […]
Up until this year, the Tax Office’s compliance focus has tended, in part, to look at certain professions for problems or mistakes made by taxpayers, but a change of tactic this Tax Time sees it focus instead on particular expense claims. We run through the work-related expenses at the top of the Tax Office hit […]
Although a very welcome announcement from the last federal budget, the $20,000 immediate asset write-off sparked a lot of questions about its implementation and eligibility requirements. We answer all your pressing inquiries. Also covered are tax deductions that are generally not allowed, claims you may be able to make if you’re lucky enough to own […]
The 2014-15 financial year is drawing to a close, and tax preparation is once again the golden phrase. To assist you in the confusing end-of-financial-year period, we’ve prepared a series of tax checklists that will put you on the right track and point out your obligations. You’ll also find a wealth of tips and strategies […]
This year’s federal budget in many ways lived up to its hype. It was mostly a dull and boring affair – but there were some surprises. Small business owners have plenty to smile about. The 1.5% tax rate cut has been confirmed, but it’s also been extended to unincorporated small businesses to the tune of […]
Are you an Employer? Are you Super Stream ready? Did you know that Important changes to how you make superannuation contributions for all your employees take effect 1st of July 2015 for many employers. –Employers with 20 or more employees: If you have 20 or more employees you must be super stream ready by the […]
Each year the Tax Office gains access to more records stored on the databases of financial institutions and other organisations, and can use this information to ensure taxpayers’ reporting obligations are up to scratch. This time the Tax Office is looking at people who have sold items online. Landlords will sometimes offer incentives to entice […]