Common Errors in the Preparation of Business Activity Statements
Written by Robert Lennox: The end of September brings us to the end of the first quarter of the current financial year. Many of us will be preparing & lodging various activity statements. We wanted to take the opportunity to give everyone a reminder about some common mistakes that can be made when preparing business […]
Motor Vehicle Thresholds and Deductions for 2017-2018
Written by Nick Fedele: In general, the running costs incurred for a motor vehicle are deductible in the proportion that it is used for work and business. Examples of costs that are deductible include fuel, maintenance, registration and insurance, and depreciation. Depreciation is deducted using the diminishing value method at a rate of 25% of […]
Making a Payment Plan with the Australian Taxation Office
Written by Adam Taylor: There may be times when cash flow is tight and paying your tax bills on time may be difficult. In times like these, a payment plan with the Australian Taxation Office (ATO) to pay your debt over instalments may be an option. A payment plan can be set up online via […]
Why the Balance Sheet is Important to your Business
Written by Sarah Riccio: Most small business owners tend to look at the Profit and Loss Statement for financial data about their business but when it comes to the balance sheet, they do not understand its importance and that it contains data that is not obvious in other financial reports. What is a balance sheet? […]
The Tax Implications of the Sharing Economy
Written by Nick Fedele: Are you thinking of renting a room in your home through Airbnb or becoming an Uber driver to earn additional income? If you are, then you will be entering into the sharing economy and you will need to be aware of the different tax implications. The following explores the implications for […]
Taxing Foreign Income in the Hands of an Australian Resident
Written by Emily Baulderstone: Under Australian Tax Law, income derived by an individual who is considered to be an Australian resident for tax purposes is subject to income tax whether this income was derived from an Australian or Foreign source. Determining if you are an Australian resident for tax purposes can be a difficult issue […]
Depreciation game changes for residential investment properties
Last week marked the biggest change to depreciation legislation in 15 years. As part of the government’s efforts to claw back negative gearing parliament passed the Treasury Laws Amendment (Housing Tax Integrity bill) into legislation. This legislation means that you can no longer claim income tax depreciation for plant and equipment assets in second-hand properties […]
Testamentary trusts: tightening control on the distribution of your assets
A common question that we often get asked by our clients is “How can I protect assets left to my children from in-laws if their marriage breaks down?” The best way to achieve greater control over the distribution of the assets in your will is to establish a testamentary trust. A testamentary trust is also […]
Corporate beneficiaries: the complete story
Corporate beneficiaries are a popular and effective strategy for delaying tax. However if you use a corporate beneficiary it’s important that you remember just that; it is a delaying strategy. Recently I have noticed a number of new clients telling me that their previous accountant saved them a fortune through the use of a corporate […]
How To Reduce Taxes: Are You Paying More Tax Than You Need To?
Are you paying more tax than you need to? Are you looking at how to reduce taxes including the tax paid by your business? Then read on as we have some top tips for you to consider! How to reduce taxes: Timing is everything Accelerate deductions For businesses, if your cashflow is good, make the […]
