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 […]

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? Defining “primary production” and “business” is no problem. Figuring […]

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? Defining “primary production” and “business” is no problem. Figuring […]

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’ benefits. Additionally, there are a number of SMSF investment rules that specifically […]

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 allowed and what records you need to keep. If your work-related clothing falls into one of […]

Hiring independent contractors: do you need to pay super?

(12/07/2019) Hiring independent contractors can be a flexible staffing solution for many businesses, but did you know that some workers who are genuinely independent contractors are still entitled to compulsory superannuation contributions? Find out what test the ATO applies and check whether your business has its super obligations covered. If a worker is not an […]

Still unsure about the instant asset write-off?

(12/07/2019) You may have heard about the “instant asset write-off”, but do you understand exactly how it can benefit your business? Read our case study for insight into how the write-off works, and what you need to do by 30 June 2020 to take advantage of this limited-time incentive. The write-off allows small and medium […]