Tradies – what can you claim

(19/08/2019) If you are a tradie and a small business owner, be certain about what you can claim on your tax return.   To claim business expenses: the money must have been spent for your business (not a private expense) if it is for a mix of business and private use, only claim the portion […]

Using prior tax losses after a change in control: ATO guidance

(09/08/2019) Until recently, a company that had experienced a significant change in ownership or control could only carry forward its earlier tax losses to a later income year if the company carried on the “same” business after the change. However, a new alternative test that applies retrospectively from 1 July 2015 means that now companies […]

Super and bankruptcy: can creditors access my benefits?

(02/08/2019) Superannuation is an effective investment structure for asset protection, but a questionable contribution could put some of your benefits at risk in the event of bankruptcy. Know the basic bankruptcy rules in advance to help you plan for long-term asset protection. The general rule is that your superannuation balance is protected in the event […]

TPAR is due on 28 August, are you ready?

(31/07/2019) Do you make any payments to contractors? Are you required to lodge a Taxable payments annual report (TPAR)? You may need to lodge a Taxable payments annual report (TPAR) by 28 August each year if you are a business provide: Building and construction services Cleaning services for contractor payments from 1 July 2018 (first report due by 28 August 2019) Courier services for contractor payments […]