Small business CGT concessions: when do I qualify?

(04/10/2019) Have you considered the powerful tax and superannuation planning opportunities that the small business CGT concessions can offer your business? They allow you to reduce – or sometimes, completely eliminate – the capital gain from the sale of a business asset, whether it’s held directly by your business entity or in another related structure. […]

ATO sets its sights on undisclosed foreign income

(20/09/2019) Do you have any amounts of offshore income you haven’t declared to the ATO – perhaps interest from a foreign bank account? International data-sharing arrangements are making your overseas financial affairs increasingly transparent, so don’t get caught out. Failing to report foreign income can attract penalties and ATO scrutiny of your broader tax affairs. […]

Getting the benefit of your business tax losses

(27/09/2019) When you’re starting a new business venture, it may take some time before the business becomes profitable. Or, your business may simply operate at a loss in a particular year. What does this mean tax-wise? If you’re a sole trader or individual partner, you may be able to use your business tax loss to […]

Downsizer super contributions: getting it right

(27/09/2019) Under the “downsizer” contribution scheme, individuals aged 65 years and over who sell their home may contribute sale proceeds of up to $300,000 per member as a “downsizer” superannuation contribution (which means up to $600,000 for a couple). These contributions don’t count towards your non-concessional contributions cap and can be made even if your […]

Rental property deductions: what can I claim? Part 2

(06/09/2019) Investment property owners should heed the ATO’s warning that it will target mistakes with rental property deductions this tax time – especially with over-claimed interest. In our last instalment on rental deductions, we looked at the rules for purchase costs, repairs and improvements. Now, we consider expenses associated with a loan to buy the […]

Rental property deductions: what can I claim? Part 2

  (06/09/2019) Investment property owners should heed the ATO’s warning that it will target mistakes with rental property deductions this tax time – especially with over-claimed interest. In our last instalment on rental deductions, we looked at the rules for purchase costs, repairs and improvements. Now, we consider expenses associated with a loan to buy […]

Salary sacrificing loopholes: are you receiving your full benefits?

(20/09/2019) Have you heard about the salary sacrificing loopholes that can adversely affect your retirement savings plans? Under current laws, employees who sacrifice some of their salary in return for additional super contributions may end up receiving less than they expected because of these two legal loopholes: Employers may choose to count the salary sacrifice […]

Rental property deductions: what can I claim?

(30/08/2019) Did you know that a random audit by the ATO last year revealed nine out of ten rental property owners made a mistake with their rental deductions? In this first of a two-part series, we share some tips on what you can and can’t claim. This article assumes you own a 100% rental property […]

Claiming work trips for business owners

(13/09/2019) Do you sometimes take work trips for your business – perhaps to overseas conferences or interstate clients? When a trip is clearly for business purposes only, the rules for deducting your expenses are fairly straightforward. You can claim airfares, taxis and car hire (and fuel). You can also deduct accommodation and meal costs for […]

New ATO power to disclose business tax debts

(06/09/2019) If your business has outstanding tax debts, watch out for a proposed new tool in the ATO’s debt recovery arsenal. New laws before Parliament will allow the ATO to report some debts to credit reporting bureaus, who will then be permitted to use this tax debt information in preparing credit worthiness reports. This could […]