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 […]

Capital gains tax and death: it’s not the end of the world

(02/08/2019) There’s nothing as certain as death and taxes, but tax on death is not so clear. Generally, the law says there is no CGT liability for the deceased on the transmission of an asset, specifically a dwelling, to a beneficiary. The beneficiary is considered to be the new owner of the inherited asset on […]

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 […]