Small business CGT concession eligibility to tighten The government announced last year that it intended to tighten the eligibility factors for the CGT concessions that are generally available to small businesses. The CGT concessions are important for qualifying businesses in…
The ATO has been sending some mixed messages about property development involving an SMSF, and has indicated that it is one of the issues on its radar for 2018. So is property development an allowable investment for an SMSF? The…
A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the…
Rental property investors can claim capital works deductions for construction costs for a rental property, however there are limits imposed in relation to the dates such works were completed. The deductions are only available on residential properties if these were…
Legislation that came into law in the last half of 2017 makes certain measures first announced with the 2017 Federal Budget now a reality. The “housing tax integrity” bill solidifies the government’s intention to deny all travel deductions relating to…
March 31 and the end of the FBT year is around the corner, so to help taxpayers get things right, the ATO has made public the fringe benefits tax issues that attract its attention. Broadly (not just in relation to…
It is very often the case that unpaid debts owed to a business can have a significant impact on cash flow and the ongoing profitability of a business. In a taxation context the characterisation of a particular debt as either…
A question that surfaces now and then in regard to capital gains is whether the main residence exemption extends to additional land acquired after the time of acquisition of the residence. The short answer is yes — provided that certain…
Click here for a pdf version of this article. Key factors for rescuing a bad debt deduction It is very often the case that unpaid debts owed to a business can have a significant impact on cash flow and the…
Community complaints prompt Inspector-General of Taxation to review PAYG instalments The Inspector-General of Taxation, Ali Noroozi, has just released his review into aspects of the pay-as-you-go (PAYG) instalments system that have come to be viewed as less-than-helpful by many participants…