If you rent out part or all of your home, the rent money you receive is generally regarded as assessable income. This means: – you must declare your rental income in your income tax return, and you can claim deductions…
Going into new business with other people is exciting and can be extremely rewarding. A formal agreement can set the ground rules and stop owners getting caught out if things don’t quite go as well as planned. Whether your firm…
The legislation Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018 has just recently passed both houses in Canberra, which among other measures also makes changes to the long-established small business CGT concessions. The legislation’s explanatory memorandum (scroll down…
Click here for a pdf version of this article. Do you need an agreement with your business partner? Going into new business with other people is exciting and can be extremely rewarding. A formal agreement can set the ground rules…
The shake up that’s coming to Division 7A Discussion about reforms to Division 7A has been bouncing back and forth between Treasury and the ATO for many years — since the end of 2012 in fact, giving the impression they…
You may or may not subscribe to the belief that Australia faces a change of government in the near future. The arguments for and against and the volume of discussions held over the barbecue are likely to ramp-up in the…
Under the regulations, self-managed super funds (SMSFs) are not prohibited from carrying on a business, however the business must be: – allowed under the SMSF’s trust deed, and – operated for the sole purpose of providing retirement benefits for fund…
The question of how much a person needs to have saved before confidently launching into their retirement years very much requires an individual answer. The more the better may seem to be an obvious response, but then again each one…
If you rent out part or all of your home, the rent money you receive is generally regarded as assessable income. This means: – you must declare your rental income in your income tax return, and you can claim deductions…
As the FBT year runs from 1 April to 31 March, the months of October to December marks the “third quarter” of the FBT year, and so here is an overview of the FBT elements that can attract the ATO’s…