Not 100% ready to retire? ‘Try before you buy’ with a TTR strategy Under the superannuation rules, there is scope to access some of your retirement savings in your super fund under an arrangement called “transition to retirement” (TTR). Under…
The Tax Office has re-released its business industry code (BIC) tool to help small businesses speed up their tax return lodgement. The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid…
The concept of the “going concern” exemption for GST purposes can still cause confusion when businesses are sold, despite the fact this exemption has been in place for many years. A “going concern” refers to an enterprise’s ability to continue…
With Tax Time 2015 in full swing, the Tax Office has flagged that it will pay particular attention to work-related expenses. It says it’s an area that adds up to about $19.5 billion in tax deductions each year. In previous…
Relief for many small businesses as Single Touch Payroll put on back burner Since the announcement of Single Touch Payroll late in 2014, the government says it has been working closely with both software developers and businesses to help it…
Did you know… Is interest on a lump sum compensation payment for personal injury taxable? According to the Tax Office, pre-judgement interest received as part of a lump sum payment for personal injury is generally not assessable because it is…
They say that the best insurance is the one that you never make a claim on, and it seems that many self-managed superannuation fund (SMSF) trustees had in the recent past mistakenly taken this to mean that not having any…
Many of us look forward to an annual getaway, either to the beach or the bush, as the best way to unwind and re-charge after another tiring year. While having a holiday house is a luxury that a lucky few…
Your $20,000 immediate write-off questions answered In the recent Federal Budget, the government announced a series of measures to assist small businesses, with one of these being an immediate write-off for depreciating assets that cost less than $20,000. This measure,…
When can you claim a deduction for home to work travel? As a general rule, travel from your home to your workplace is not allowed as a deduction because it constitutes a “private expense”. There are however circumstances when you…