The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing…
Active vs passive assets and the small business CGT concession The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they…
Data matching by ATO targets card payments, online sales, ride sourcing Every year, the ATO collects new data from financial institutions and matches this data with its own information, which is sourced from income tax returns, activity statements and other…
After a person dies, and the usual arrangements are completed, there will come a time when other matters, such as tax and superannuation issues, must be looked after. The person who takes on the responsibility for administering a deceased estate…
You can judge whether a car is luxury or not, according to the government, if it costs more than $64,132 for 2016-17. It’s not an over-the-top s price tag if you’re considering true luxury, but it’s enough to cop an…
The rules around the valuation of assets held under an SMSF have seen a lot of changes over the years. The requirement to consider valuing SMSF assets at market value when preparing the annual financial statements of the fund was…
Legislation introducing changes to the superannuation regime were recently passed by Parliament. Among them will be a requirement for fund members to establish a transfer balance account for each retirement phase recipient. In other words, individuals receiving superannuation income stream…
Whether you’ve been on a working visa and have been slogging away bagging bananas in Tully for six months, or decided to quit your city job and move to Peru, your employer has been putting money aside for your superannuation.…
Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise the a “novated lease”. Costs in operating the vehicle can also be salary sacrificed. …
Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, it is a requirement that records should be kept for at least five years. But in practice, full compliance with the substantiation…