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 […]

Lending to your SMSF? Make sure you get it right

(05/07/2019) Thinking about a gearing strategy for your SMSF? When planning a borrowing in your SMSF to buy an asset such as property or shares (known as a “limited recourse borrowing arrangement” or LRBA), you can choose to borrow from a commercial lender or a private party. This could even be a related party of […]

Small business CGT concessions: make sure your claim stacks up

(28/06/2019) The small business capital gains tax (CGT) concessions can save businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essential that you keep the right records, particularly for when the time comes to sell. Find out what your business should be doing now to keep the ATO […]

Will I qualify for the Age Pension?

(28/06/2019) Knowing whether you’ll be entitled to the Age Pension is an important part of your retirement planning. Once you reach Age Pension age (66 years from 1 July 2019), you’ll also need to pass two tests: the assets test and income test. Here we outline the basic thresholds that apply under each test and […]