Taxation and Advice
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Business Income and Expenses Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2016/17 compared to 2015/16. Most businesses are taxed on income when it is invoiced. Some small businesses may be taxed only when income is rece...
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The ATO is targeting those who rent out their property for a few weeks during the year but claim a full year’s worth of tax deductions. The tax office will be paying close attention to rental property owners, especially those who own a holiday home, who incorrectly claim for initial repairs t...
It is an unfortunate fact of business life that sometimes you will not be paid in full for work you have done. When this happens you have incurred a bad debt, and it is a very frustrating experience. The silver lining to this situation is that there are some tax breaks that can come along with a ba...
As personal technology devices such as laptops, smartphones and tablets, are becoming increasingly prevalent, the ATO will be focusing its attention on individuals claiming tech items as work-related tax deductions. Currently, Australians claim almost $19.5 billion each year in work-related expense...
Once again it is year end and businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. Background As part of the 2011-12 Federal Budget, the government announced the introduction of taxable...
Did you know that your Ute, or Van may be subject to Fringe Benefits Tax? Firstly what is Fringe Benefits Tax (“FBT”) FBT is a tax that is payable on certain benefits that you either give or pay your employees and associates (ie wife or partner). This encompasses many things but today I am j...
It is important that you take the time to focus on tax planning and the tax issues that affect you before 30 June 2014 arrives. Significant tax and cashflow savings can be created by a number of general tax planning strategies. Business Income and Expenses Subject to cash flow requirements, ...
A new dependant tax offset allows individuals to claim an offset for invalids and carers. At the start of the 2012-13 financial year, the ATO made some changes to how individuals can claim offsets for dependants when lodging a tax return. One change is the eligibility age for the dependant tax...
In our last newsletter, we visited the issue of protecting your assets and started to discuss some of the ‘ownership’ options such as companies or trusts. Many businesses operate via a company. Some people with large amounts of business assets even use a separate company (or...
Testamentary Trusts can be incorporated into a Will to provide greater flexibility for the beneficiaries of a deceased estate. A Testamentary Trust operates under a Trust structure whereby assets are managed by one person or persons, such as a trustee, for the benefits of others, known as benefic...
An area that I am commonly asked about is about what are the taxation implications of developing a property? Given the significant value of the transaction it is a very good question as the taxation implications can have a dramatic impact on the profitability of the project. Property investor...
Read more: What is the tax difference between a Property Developer and an Investor?
With 30 June 2013 only 3 weeks away it is perfect time to review your situation to make sure that you take advantage of any planning opportunities to ensure that your financial situation is maximised. Document and claim all work-related expenses, you can automatically write off $300 a year ...
It is important that you take the time to focus on tax planning and the tax issues that affect you before 30 June 2013 arrives. Significant tax and cashflow savings can be created by a number of general tax planning strategies. Business Income and Expenses Subject to cash flow requirements...