Is your farm a hobby or a business?

Is your farm a hobby or a business?

(26/07/2019) As you sip a drop from the latest vintage you’ve crushed with the toes of your family and friends, is it possible that turning these vines into wine has ventured into primary production, and this happy hobby has become a business? How can you tell?...
26/07/2019: Is your farm a hobby or a business?

26/07/2019: Is your farm a hobby or a business?

(26/07/2019) As you sip a drop from the latest vintage you’ve crushed with the toes of your family and friends, is it possible that turning these vines into wine has ventured into primary production, and this happy hobby has become a business? How can you tell?...
Valuing your SMSF’s assets: know the requirements

Valuing your SMSF’s assets: know the requirements

(19/07/2019) To keep your SMSF’s auditor and the ATO happy, it’s essential to take asset valuation seriously. By law, SMSFs must record all of their assets at “market value” – an important requirement that allows funds to accurately report the value of members’...
ATO clamping down on clothing deductions

ATO clamping down on clothing deductions

(19/07/2019) Taxpayers who claim deductions for work-related clothing and laundry expenses may find themselves under the ATO’s microscope this tax time. Even if your claim is relatively small, penalties can apply for incorrect claims. Find out what categories are...