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NEWSLETTER ARCHIVE

November 2019 Issue

Sometimes, essential tax records are missing or even destroyed. But all is not lost, as there is a “plan B” that can be put into affect, so we run through the options to help your tax outcome.

The investment strategy of any SMSF is not “set-and-forget”, and if not re-visited from time to time, could create problems with the ATO. We look at the essentials. We also touch on how a small business can make an immediate deduction for low cost assets, and with Christmas party plans most likely imminent, we provide you with three wise FBT tips.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

November 2019 Issue

October 2019 issue

Deductible work-related expenses are always tempting to chase down, but to stay out of trouble with the ATO it’s always good to have fact sorted from fiction. We also look at the special CGT rules that apply when spouses have different residences.

There's an exemption from reporting obligations for employers for certain "personal security" fringe benefits, and we spell out what needs to be reported, and what doesn’t, for SMSF event-based reporting.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

October 2019 issue

September 2019 Issue

Property developers often feel the gaze of the ATO on their activities, so we look at what could be getting its attention. Still on residences, we look at some little known facts about the CGT exemption that generally, but not always, applies to inherited homes.

Also dealt with is the tax that children¹s savings accounts attracts, the operating costs available as deductions to SMSFs, and the top 10 tips for rental property owners to avoid common tax mistakes.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

September 2019

August 2019 issue

Heading overseas for that trip of a lifetime? There could be a few simple steps you can take to ensure all is in order tax-wise, both while you¹re away and after you return.

We also look at trust distribution resolutions, whether your backyard projects are considered a business or a hobby by the taxman, and simple measures to be aware of that can reduce the tax you pay on your small business.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

August 2019 issue

July 2019 issue

When a loan is paid out early, it can sometimes trigger a penalty interest charge. There are circumstances where this charge can be tax deductible, but also many instances where this is not the case. A new tax ruling teases out the likely outcomes.

This new income year is the first where an amount of concessional super contributions can be carried forward ‹ but you need to closely follow the limits. SMSFs also must be wary of boosted ATO audit activity on the back of an increase in errors due to event-based reporting.

We also look at which trading structures may best suit your new business, with regard to not only tax outcomes but funding, remuneration and liability.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

July 2019 issue

June 2019 issue

With Tax Time 2019 just around the corner, we run over the sort of substantiation that the ATO expects for work-related deductions that taxpayers claim. We also look at Taxable Payments Annual Reports, and the new industries that these cover starting this year.

Also this month we cover the ATO¹s compliance actions that it is subjecting trusts to, and the status of making personal deductions for car parking expenses.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

June 2019 issue

May 2019 issue

To claim a GST credit, a business is generally required to hold a valid tax invoice. However there can arise certain circumstances where an alternative document can be used.

There have been changes made to the director penalty regime, which may mean tighter diligence is needed to stay out of trouble. We also run over the ATO’s system of tax rulings and determinations, and what these can mean for your tax outcomes.

The essentials of the super downsizer scheme are also covered, and an ATO-sourced “living expenses tool” has been made available that may help put your tax records in better shape.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

May 2019 issue

April 2019 issue

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 knowledgeable and efficient through further training can be a worthwhile effort. There could also be a tax deduction for the business.

We also look at deductions for certain interest expenses, claims for donations, and where smaller employers stand with regard to singe touch payroll.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

April 2019 issue