Taxation Advice & Planning
GST “Going Concern” Exemption
What is the ‘going concern’ GST exemption? The “Going concern” exemption for GST purposes has been in place for many years. A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise is deemed as such. The GST exemption has its […]
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Tax Complaints?
Talk to the Inspector-General, not the Ombudsman! The way in which people complain about the Tax Office and the Tax Practitioners Board (TPB) has changed as from May 1, 2015. Most tax complaints will need to be directed to the Inspector-General of Taxation. Tax complaints – old process The previous arrangements saw individual complaints from […]
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Year End Tax Planning
Small business end of financial year planning Interest on loans Any interest that is accrued on a business loan but not physically paid by June 30 may be deductible in that year. If you fund some business activities through your personal credit card or a personal loan, the interest on borrowings may qualify to be […]
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GST Credits For Employee Reimbursements – Can You Claim Them?
Who is eligible to claim GST credits for employee reimbursements? If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses if the following criteria are met: […]
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Re: think – Tax Discussion Paper
Tax reform is now a key part of the Government’s policy agenda With the changes of the world economy in recent decades, tax reform is now a key part of the Government’s policy agenda. Treasurer, Joe Hockey, released a tax discussion paper, called ‘Re: think’ on 30th March. What is re:think? Re:think is an invitation for […]
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Capital Gains Tax
What is a capital gain? When you make a profit, large or small, from selling an investment, this gives you a “capital gain”. A capital gain is the difference between the price you pay for an investment and the price for which you sell it at a profit. Examples of capital gain generators The investments or assets that […]
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