By: Steve Burnham Generally, the GST component of income or expenditure is ignored for income tax purposes. However, there are exceptions, particularly where there has been a change in planned use. The effect of GST on assessable income are: the GST payable in respect of taxable supplies is excluded from assessable income, and a decreasing […]
By: Louis White While large multinational businesses are often experts at finding loopholes to minimise the tax they pay it’s tougher going for small businesses. But there are deductions that can be claimed to cut your tax bill. Property costs For the small business owner there are a lot of decisions to make before deciding whether […]
By: Max Newnham There have been many examples of small business owners being discriminated against when it comes to income tax and superannuation. A historic example related to the tax deduction available to the self-employed. While employees could salary sacrifice contributions and effectively receive a tax deduction for 100 per cent of a contribution, self-employed people were […]
By: Max Newnham It’s tax effective and flexible business structures. It’s called a discretionary family trust. When it comes to owning and operating a business one of the most tax effective and flexible business structures is a discretionary family trust. It is not uncommon for a business to be started as a sole operator or a […]
By: Steve Burnham You may not get many clients who can use this tax offset, but one day you may very well get one in the door who will appreciate your familiarity with, and knowledge about the application of, the delayed income tax offset. The offset has also been labelled the lump sum payment in […]
By: Steve Burnham In the run up to the end of the FBT year, the ATO reminds employers that a fringe benefit may be provided by another person on behalf of an employer, but may also be provided to another person on behalf of an employee (for example, a relative). Fringe benefits tax and entertainment […]
By: Amanda Anderson There are a number of options available to small business owners when it comes to occupying commercial property. The most common is of course a direct lease with a landlord, but with increasing rentals and low interest rates, small business owners are looking at other ways to secure a property for their business. […]
By: Stve Burnham In the run up to the end of the FBT year, the ATO reminds employers that a fringe benefit may be provided by another person on behalf of an employer, but may also be provided to another person on behalf of an employee (for example, a relative). Fringe benefits tax and entertainment […]
By: Steve Burnham Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise to a “novated lease”. Costs in operating the vehicle can also be salary sacrificed. This is typically referred to a fully novated lease. Car salary packages, […]
By: Steve Burnham The ATO says it can help fund your client’s reasonable litigation costs if the outcome of their case will affect a significant number of taxpayers by: Funding litigation costs for tax cases clarifying the law, and/or developing legal precedent. Its test case litigation program was established to fund cases that have broader […]
