Under the superannuation downsizer scheme, people aged 65 and older can make a non-concessional (post-tax) contribution of up to $300,000 from the proceeds of selling what was once their family home. Downsizing enables more effective use of housing stock, and…
In last month’s article about working from home, mention was made of the small business instant asset write-off. However this was written before the Federal Budget, which made changes to the write-off. The small business instant asset write-off threshold has…
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.…
If you are an employer, you may appreciate knowing what the ATO is looking out for, and the fringe benefits you’re expected to report, so you can avoid attracting its attention or making costly mistakes. In this year’s updated ATO…
One generally forgotten tax deduction is for subscription or membership fees, which affects many of us as professionals, business or trades people will be members of an association. The tax law allows a deduction for membership of a trade, business…
Being a director of a company, as with any elevation of status, is a role that also brings with it added responsibilities and duties. Company directors need to keep in mind that the Corporations Act holds directors personally liable for…
Click here for a pdf version of this article. Alternatives to a tax invoice for certain GST credit claims Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods…
When are digital products ‘connected with Australia’ for GST purposes? With the purchase of digital products such as the streaming or downloading of movies, apps, and e-books and so on becoming exponentially more popular, it is timely to examine the…
When commencing any self managed superannuation fund (SMSF), there is one over-riding expectation that newby trustees should come back to again and again — that their fund must meet the sole-purpose test. This is not only to maintain access to…
A major change in the way employers report the tax and super information for their employees to the ATO has been on the way for a while now. The single touch payroll (STP) system started to be rolled out gradually…