Budget 2019: Key measures for small and medium businesses

(18/04/2019) Is your business planning to purchase new assets? Perhaps new tools, a vehicle or computer upgrade? If so, you may be able to take advantage of the Coalition’s expanded “instant asset write-off” incentive or other key measures in this year’s federal Budget. This write-off is a tax relief measure running until 30 June 2020 […]

Getting your personal super deductions right

(05/04/2019) Recent changes to the law mean many more Australians can now claim deductions for their personal superannuation contributions. But while the eligibility requirements have been lowered, the process for claiming deductions is not straightforward. Do you know what steps to take and what to look out for? Provided you are eligible, superannuation contributions you […]

Federal Budget 2019 Spotlight

(05/04/2019) The 2019 Budget was handed down on Tuesday 2 April by Treasurer Josh Frydenberg a matter of days before Prime Minister Scott Morrison is due to call the next federal election. Thanks to revenue from the lucky rise in commodity prices (coal and iron ore) – and without raising taxes – the Government has […]

Increased super thresholds for 2019-20

(15/03/2019) Certain superannuation thresholds are set for a small boost from 1 July 2019 thanks to the latest indexation factors published by the Bureau of Statistics. While the concessional and non-concessional contribution caps are unchanged, the capital gains tax (CGT) cap amount and the employment termination payment (ETP) cap will both increase. This is welcome […]

ATO benchmarks – a handy business check-up

(29/03/2019) The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. This data is available for […]

SMSF trustees must watch their related party expenses

(08/03/2019) Among the key investment rules that SMSF trustees must be familiar with are the laws restricting “non-arm’s length” dealings. In essence, SMSFs are prohibited from dealing with a related party of the fund on uncommercial terms and, where these terms are too favourable to the SMSF, hefty tax penalties can apply. Proposed laws before […]

Bad trustee behaviour can lead to disqualification

(01/03/2019) For many Australians, the control and flexibility offered by an SMSF makes this an attractive option for managing their superannuation. However, being an SMSF trustee carries significant responsibilities. In a case last year (Hart and Commissioner of Taxation), the Administrative Appeals Tribunal underlined the consequences that can flow when SMSF trustees do not take […]

ATO benchmarks – a handy business check-up

(29/03/2019) The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. This data is available for […]

Are you declaring personal use of business trading stock?

(15/03/2019) Have you ever taken home an item of your business’ trading stock for your own personal use, or use by your family members? This is common in many businesses such as bakeries, butchers and cafés, but it does have some tax consequences. “Trading stock” means anything that you hold in the business for the […]

Catching up on superannuation contributions

(15/02/2019) Individuals with a total superannuation balance below $500,000 are now able to “carry forward” their unused concessional contributions (CC) cap space over five years to catch up on contributions when they have the capacity to do so. Usually, an individual’s CCs, eg superannuation guarantee contributions, are capped at $25,000 per financial year, and exceeding […]