It’s not mandatory for a business to have an Australian business number (ABN), but there are a few good reasons why you should. Foremost among them will be that without one, your business will probably feel a whole lot poorer…
It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company. The allure of course is the lower tax rate that these entities…
The ATO is focusing on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”. The scenario where investment properties have work done on them often happens shortly after the property…
It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship. Where some businesses have tripped up in the past however is where this relationship is not clear…
Whether you’ve been in business for years or you’re just starting out, choosing the right structure for your business is important. It is a consideration that is not only important from the start, but as your business grows and develops.…
Employers: Beware “left-field” FBT liabilities It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship. Where some businesses have tripped up in the past however is where…
Automatic cancelling of the ABNs of inactive trusts From February onwards, the registrar of the Australian Business Register will begin cancelling the Australian business numbers (ABNs) of certain trusts. The targeted trusts are entities for which tax records indicate that…
In the 2015-16 federal budget, the government announced that it will exclude “fly-in-fly-out” and “drive-in-drive-out” workers from claiming the zone tax offset (ZTO) where their normal residence is not within a “zone”. The measure was not passed by Parliament until…
A self-managed superannuation fund (SMSF), generally speaking, is not able to borrow to acquire assets. The rationale is that superannuation is meant to be a relatively conservative investment vehicle, and borrowing can put the fund at risk. An example of…
There may be several positives to come out of the government’s push for tax reform, with the various submissions to its Re:think initiative from industry and the wider taxpaying community. But certainly one of these positive outcomes is that Australian…