Tax deductions misconceptions: What you can’t claim
Here are some misconceptions about deductions that many tax payers commonly believe to be claimable, but are typically rejected by the Tax Office. While some…
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The essentials of succession planning
While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell…
Regulatory Roundup – July 2015
The Tax Office may soon audit businesses at random Companies could be in line for random audits as soon as next year under advice being…
The small business and family enterprise ombudsman
Introducing the Small Business and Family Enterprise Ombudsman The government this month introduced into Parliament a bill to establish an independent Australian Small Business and…
Super guarantee is based on “ordinary time earnings”, but what exactly are they?
The Tax Office stipulates that a business must use “ordinary time earnings” to calculate the minimum compulsory superannuation guarantee contributions for employees. It says that…
End-of-year superannuation strategy checklist
End-of-year super planning To get your superannuation into its best tax position, for this year-end and into 2015-16 and beyond, consult your tax agent on…
The role of auditors: An SMSF essential
Auditors play a crucial role in the compliance regime of self-managed superannuation funds (SMSFs). The legislation that governs the SMSF sector requires that accounts, statements…
Regulatory Roundup June 2015
Crowd funding road for start-ups: Budget promises to fill some potholes The high failure rate for new start-up businesses is more likely to be headline…
Working from home — the tax implications
In general terms, the Tax Officetakes the view that expenditure associated with a person’s place of residenceis more likely to be of a private nature.…