Year end tips for Property Owners Renovations by previous owner You may be eligible for a deduction for depreciation on the cost of improvement by a previous owner, provided items are identifiable and itemised in a depreciation schedule. Correctly disclose capital gains The ATO is closely monitoring undisclosed capital gains including gains from disposing of […]
Time to start thinking about tax time The countdown to the end of the financial year is on and that means you should start to focus on your end of financial year position and any tax planning that is appropriate for you. Don’t leave it till the last minute. No decision, or rushed decisions, can […]
Improving the integrity of the Tax System The Budget has introduced a number of measures intended to improve the integrity of the taxation system. This will be achieved by increasing business tax compliance, closing loopholes, strengthening tax evasion systems and increasing the payment of tax instalments. The budget has revealed further tax compliance measures including: […]
Home business tax deductions With so many businesses now being run from home, the ATO is eager to ensure that those claiming tax deductions do so correctly. Understanding the rules A home based business may use the home as the principal place of business (such as a hairdresser), with clients coming to the home. Alternatively, […]
Year End Tips For Business Owners Fixed assets Review fixed assets useful life and determine if there are any benefits in scrapping or trading in assets. Write off obsolete inventory The year end stock-take should involve a review of all inventory. Obsolete stock may be scrapped or valued below cost subject to specific guidelines. Small […]
Federal Budget Update We have found the best summary of last night’s budget, thanks to Knowledge Shop. Click here for the full budget insights.
Employers and individuals using a vehicle for work may find it useful to consult ATO guidelines when claiming work related travel expenses. Individuals and business owners may be able to claim car travel expenses in the following circumstances: If they have to carry bulky goods or equipment back and forth to work that cannot be […]
Investing in property with a SMSF One of the fastest growing investment assets for SMSFs is residential property. In the past four years, residential property acquired through self-managed super funds has jumped 45 per cent to more than $15.5 billion. The popularity of residential properties as an investment option can be attributed to the Government […]
While the ATO is generally fair in its treatment of business debt, it does use tougher measures which can have a significant impact on the future of a small business. A statutory Garnishee Notice is one option available to the ATO to collect outstanding company taxation debts if other more usual avenues, such as debt […]
On the fringe: Top FBT myths & opportunities Fringe benefits tax (FBT) exists to ensure that employees are not getting income disguised in another form and avoiding income tax. But such a broad concept has its problems. With the FBT year ending on 31 March, it’s a good time to explore the myths and realities […]
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