Donations As Tax Deductions (What You Need To Know)
Tax deduction for a donation As most of us know, donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so-called “bucket” donations). To be able...
read more
Federal Budget Summary For 2019-2020
Economic plans and a budget summary for 2019-2020 The government plans to further strengthen the economy, with a forecast surplus of $7.1 billion dollars, this being the first surplus in over a decade. Small business owners, middle and low income earners and...
read more
Residential Rental Property And Travel Expenses
Claiming travel expenses related to residential rental property - new rules! The ATO recently highlighted significant non-compliance with the rules prohibiting taxpayers claiming travel expenses related to residential rental properties. Late last calendar year, the...
read more
The Importance Of Property Valuations For Tax Purposes
Getting a property valuation is essential for tax purposes There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not at arm’s-length or when no actual cash changes hands. A common example of this is when...
read more
Third Party FBT Danger (What To Look Out For)
Non-cash components of remuneration provided by a third party provider Some businesses have tripped up in the past is when the source of benefits provided is not clear cut — that is, where non-cash components of remuneration are sourced not directly from an employer,...
read more
Single Touch Payroll (What You Need To Know)
What is Single Touch Payroll Reporting? Single Touch Payroll (STP) changes the way employers report their employees' tax and super information to the ATO Using payroll or accounting software that offers STP, employers send their employees' tax and super information to...
read more
The ATO Introduces The New “Similar Business Test”
Changes to the “same business test” What is 'the same business' test? One of the first tax legislation items the government dealt with in the new year was a bill that contained changes to the “same business” test. The same business test is relevant in a number of...
read more
Tax Disputes (Revealing The Real Battle)
Managing tax disputes can be like wrestling with a superhero It is sometimes said that a superhero like the DC Comics character Superman can be an uninteresting character because he is, for all practical purposes, indestructible. Critics have said the knowledge that...
read more
Diverting Personal Services Income To Self-Managed Super Funds
Arrangements on personal services income diverted to SMSFs The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services to their fund, which...
read more
An Overview On Motor Vehicle Expense Claims
Tax deductions for claiming motor vehicle expenses comes to claiming a deduction for motor vehicle expenses. Of course, every person’s circumstances may be different, but the following covers most of the relevant information. Key points to keep in mind include: The...
read more