Builders: Get your taxable payments report ready before August 28 Businesses in the building and construction industry, take note – the deadline is August 28, 2018 to report the total payments you made to each contractor you enlisted the services…
Click here for a pdf version of this article. Managing tax disputes can be like wrestling with a superhero It is sometimes said that a superhero like the DC Comics character Superman can be an uninteresting character because he is,…
Unpacking statute-barred debts Various tax implications can arise when a debt becomes statute-barred. So what is statute barring and when can it be a problem? In simple terms, a debt is statute-barred when it has reached a statutory limitation period…
Small business concessions under the spotlight The CGT concessions for small business are important for qualifying businesses in that they can defer, reduce or remove liability to CGT. The government announced last year that it intended to tighten the eligibility…
Click here for a pdf version of this article. The item that may receive the most analysis from the whole of this year’s federal budget will be the increase of the 32.5% tax bracket, and an expansion of the Low…
Click here for a pdf version of this article Franchise businesses and tax The Australian Competition & Consumer Commission (ACCC) is the government body responsible for enforcing the Franchising Code of Conduct, and if you or someone you know are…
Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”. The work test requires a member to have been gainfully employed…
Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may…
An issue that sometimes arises for business owners is whether interest expenses incurred on borrowed funds used in a business remain deductible after the business’s income earning activities have ceased. As a general rule, in order for interest expenses to…
Business deductions: How well do you know your business deductions? Try these questions to find out! QUESTION 1 A company’s financial accounts show the following information in relation to its bad debts and doubtful debts for the year: – Closing…