Car expenses – a very popular deduction, but you’ve got to get it right– March 2014 Each year, the Tax Office reports that work-related expenses are the most common type of tax deduction claimed, and it also reports that one of the…
Vendor guide on GST treatment of residential premises It is typical for people to consider stamp duty, land tax and income tax implications when they sell a property, but remember that it is equally important to consider whether the transaction…
Regulatory Roundup – March 2014 More third-party tax compliance reporting planned Of the backlog of 92 unlegislated tax changes that were announced by the previous government, one of them that will go ahead deals with the introduction of third-party reporting…
Loan interest can be deductible to a partnership A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all…
New SMSF penalty regime to kick in on July 1, 2014 Did you know you may have to fork out $10,200 if you lend money to a fellow self-managed superannuation fund (SMSF) member or a relative who is in dire…
FAQs By now, most people would know that the private health insurance rebate is being income-tested – effectively meaning that if you have private health insurance, the rebate you are entitled to receive depends on your annual income, your age…
Senior Australians & Pensioner Tax Offset explained After working (and paying taxes) for most of your life, it can be a good feeling to get to that stage of your life where it’s time to get some pay-back from the…
Tax Office small business benchmarks: Is your business at risk? The Tax Office’s small business benchmarks provide a snapshot of what it sees is happening in an average business operating in a particular industry by using financial ratios. The benchmarks…
Insight Accounting News -February 2014 MYOB has five New Year’s resolutions for small businesses Accounting software provider MYOB has outlined its top five New Year’s resolutions for small businesses to define and redefine their business goals: Learn from last year’s…
The Tax Office’s small business benchmarks provide a snapshot of what it sees is happening in an average business operating in a particular industry by using financial ratios. The benchmarks are developed from information provided by businesses on their tax…