Using tax losses – April 2015
Your business racked up a tax loss? Put it away for later use A business generally makes a tax loss when the total deductions it can claim for an income year exceed the total of that business’s assessable income for…
Macy
Tax Office continues to target online sellers
Many taxpayers will have noticed that “pre-filling” has become much more widespread, which is only possible due to the amount of financial information that is able to be accessed by the Tax Office. Each year the government’s revenue collection arm…
Lost super costs you April – 2015
Your ‘lost’ super could be costing you money A recent report from the Federal Treasury said there were around six million “lost” superannuation accounts holding a total of about $18 billion as at mid 2014. This figure represents roughly one…
Marriage Breakdown SMSF’s April – 2015
Couple de-coupling, and specific complications for SMSFs There is a unique problem with self-managed superannuation funds (SMSFs) when it comes to marriage breakdown and splitting assets upon divorce, and it is a problem that could become more common. First, some…
Single touch payroll April – 2015
The ins and outs of the Single Touch Payroll initiative Back in January, the government unveiled its Single Touch Payroll (STP) initiative. STP is an application it said would cut down red tape for employers by streamlining tax and superannuation…
Regulator Roundup April – 2015
SMSF tax return lodgement due dates The SMSF annual return for a particular income year is due in the following income year. Not all funds have the same lodgement due date. Check the list below for a due date that…
Your practical CGT framework – March 2015
The term “capital gains tax” (CGT) is perhaps the biggest misnomer in tax. It is not its own, separate tax on capital gains per se. For an individual, it is included as part of that person’s assessable income and subject…
Five fatal business planning mistakes – March 2015
Credit reporting and receivables management company Dun & Bradstreet (D&B) reports that in its extensive experience it has found that new or inexperienced entrepreneurs often send business plans to potential investors before their plan is fully completed or vetted. “Sharing…
Concessional and non-concessional SMSF contributions– March 2015
The differences between concessional and non-concessional SMSF contributions Making payments into your self-managed superannuation fund (SMSF) with pre-tax dollars is labelled making “concessional contributions”. These payments to your super fund include the compulsory 9.5% super guarantee paid by employers, salary…
Regulatory roundup– March 2015
Compliance regime for small business faces revolutionary change The Board of Taxation has released a report titled Review of Tax Impediments Facing Small Business, which contains its recommendations to government on what it deems to be the main impediments to…