Property developers warned on contrived structures that muddy income/capital divide The Tax Office has warned property developers against using trusts to return the proceeds from projects as capital gains instead of income.“A growing number of property developers are using trusts…
Wrapping a car into a salary package is a very popular choice, and doing so as part of a salary sacrifice arrangement often raises the topic of novated leases. Explained simply, a novated lease is a way for an employee…
Novated leases and FBT explained Wrapping a car into a salary package is a very popular choice, and doing so as part of a salary sacrifice arrangement often raises the topic of novated leases. Explained simply, a novated lease is…
Establishing an SMSF is a clear sign that you know the importance of planning for the future. But one other important consideration is to make sure you also plan for “after” the future – that is, for the time beyond…
Wrapping a car into a salary package is a very popular choice, and doing so as part of a salary sacrifice arrangement often raises the topic of novated leases. Explained simply, a novated lease is a way for an employee…
Your online selling data is being collected, and sorted The growth of online services where one can buy and sell goods has been unstoppable, such is the ease and convenience of both searching and bidding for trash and treasure alike.…
Common Division 7A errors to avoid The Tax Office has published a document outlining some common errors made that occur in relation to Division 7A (deemed dividends). Funds from a shared bank account Where a number of entities operate out…
Financial advice: What’s deductible, what’s not The cherry on top of your sensible decision to obtain quality tax planning or investment advice is to find that some of the costs involved are tax deductible. But while the tax law allows…
Report finds average SME misses almost $2,000 in unclaimed deductions Research commissioned by Officeworks found over half of its small business respondents were not aware that superannuation (54%) and wages paid to employees (51%) were tax claims they could use…
SMSF compliance regime for the upcoming year This year, the Tax Office will be turning its attention to the following emerging risks within the self-managed superannuation fund (SMSF) sector. Ensure you do not partake in any of the practices below…