Historically, taxpayers may have been able to claim a deduction for the costs associated with setting up a business or raising finance, including the costs incurred in: – establishing a company or other business structure – converting a business structure…
To save time finding out what you can or can’t include as deductions on your tax return (so you can keep records for us over the income year), the ATO has developed a suite of occupation-specific guides. It says these…
Have you or someone you know considered taking up ride-sharing (also called ride-sourcing) to earn extra income, or even as an alternative form of employment? When providing ride-sharing services through Uber or GoCatch and other facilitators for a fare, there…
Click here for a pdf version of this article. What the proposed super schemes offer After waiting for what seems like an eternity, the government has finally put to Parliament its proposed legislation around two of its proposed schemes, the…
How to keep your SMSF compliant even while travelling Are you an SMSF trustee who loves to travel? Sounds like a great lifestyle, however while planning your summer break you need to be aware that there can be negative consequences…
If you are planning to permanently move out of the country before the end of this financial year, you may be able to have your tax return lodged early. Generally, the ATO only accepts early lodgement of individual tax returns…
The ATO says its base tax penalty amount may be increased or reduced. The base penalty amount may be increased where the taxpayer hinders the ATO, but it also may be reduced in the following circumstances. Voluntary disclosure The voluntary…
The ATO has recently released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an…
Investment returns can be on revenue or capital account. Similarly investment expenditure could also be on revenue or capital account. The distinction between revenue and capital is not always clear and the characterisation of a receipt will ultimately depend on…
Investment products may be held as trading stock by a taxpayer carrying on a business of share trading or options trading. However, whether a particular parcel should be treated as trading stock must be determined on a case-by-case basis. Generally,…