The ATO is changing the way they look at small business regarding taxation and more importantly how they determine who is going to going to be subject to compliance activities namely reviews and audits. The ATO has built Small Business Benchmarks for more than 100 industries....
We are about to start the new financial year, which means its time to complete your tax return for 2015 and at the same time ensure you are in good ‘tax shape’ for the new financial year. Here is a list of things you and your...
When you are selling your business there are many things you need to consider and organise. One of these is making sure you have worked through the tax issues that are unique to your business and the way you are exiting your business. To get you...
Melissa Browne in her article Ways to claw back your tax suggests we take control over the rebates, deductions and claims we are entitled to and ensure we are maximising them. The recent budget means there are fewer of these deductions, rebates and claims, so it...
Christine St Anne from Morningstar outlines the 7 key budget implications for SMSF; Excess non-concessional contribution refunding Temporary budget repair levy Under 55? Age pension to rise Super guarantee increases delayed Changes to the Commonwealth Seniors Health Card (CSHC) Resetting deeming thresholds Lower term deposit...
Here is a great article Nine reasons why entrepreneurs should hire an accountant by Jennifer Warawa where she explains that an accountant’s scope of work does not end with tax preparation; they can and should be a year-round business partner that can lend expertise and...
I would like to share an article ATO’s hit list 2013-2014 by Nassim Khadem from BRW written at the beginning on this financial year. Nassim points out that the ATO will focus on individuals who fail to declare income or make incorrect claims for deductions,...
Your home is generally exempt from tax. If you have an investment property build or renovate for profit, or use a property in the running of a business, there may be implications for income tax, capital gains tax and goods and services tax (GST). The...
Understanding GST and how it applies to your business is an important part of your tax strategy. I would like to share ATO Deputy Commissioner Steve Vesperman’s quick GST tips on getting your GST right If you have any questions or would like to know more...
You can generally claim a deduction for business travel expenses if it is connected to your business. However any travel before you start your business is usually not deductible. If you do add personal travel to your work related travel you may need to apportion...