Superannuation tax offsets you may be able to use
Tax offsets (sometimes referred to as rebates) directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax…
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Succession planning for family businesses
For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business,…
Car parking fringe benefits and arm’s length valuation
The ATO has announced that from February it is intending to contact a selection of business taxpayers that provide car parking benefits to their employees,…
Trust distributions from a discretionary trust
Distributions from trusts and the taxation of those distributions is complex. This is an attempt to simplify the topic. The purpose of a trust is…
Client Newsletter- February 2020
Tax issues when dealing with volunteers From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensible workforce and…
Regulatory Roundup – February 2020
Taken goods for private use? Here’s the latest values for tax purposes The ATO knows that many business owners naturally help themselves to their trading…
Reconstructing tax records after a natural disaster
The ATO says it can help if you have lost tax records due to a natural disaster such as a bushfire. It says it can…
E-invoicing is on its way
Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow The headline above may…
Personal services income explained
The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not…