By Melissa Browne Hands up if you can’t believe it’s almost the EOFY? Thought so. That means a rush of advertising encouraging us to spend to make the most of tax time. The problem is, sometimes your cashflow won’t allow that spending and it can be confusing to know whether you should be spending at […]
By: Steve Burnham Trusts can be a very handy tool for managing one’s financial affairs, as well as estate planning. A trust is established whenever there is a separation of the legal ownership (for example, the name appearing on a business register or land title) from the beneficial owner of an asset (in other words, […]
By: Noel Whittaker So June 30 is rapidly approaching – a good time to think about capital gains tax. It’s the friendliest tax you can pay because it is not triggered until you dispose of the asset, and this may be many years after you acquired it. Furthermore, if you have owned it for over 12 […]
By: Steve Burnham This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. The individual should also have the relevant written evidence where required. Also, how much of the expense is allowable as a tax deduction will […]
By Max Newnham The task of choosing the best structure to own and operate a business through is made harder because of the different tax treatment relating to each structure. If a business has a high likelihood of being sold at a profit due to an increase in the value of goodwill, a company is the […]
By Olivia Maragna As we near the end of another financial year, now is the time to start looking at your tax return. If your heart missed a beat when you read that, don’t be alarmed. While tax time can be a stressful period for small business owners, there are many things that you, as a business owner, can […]
By: Christine Long If your tax planning usually consists of joining a queue to buy stationery shortly before midnight on June 30, it might be time to think ahead. Some deductions require more forward planning, particularly as the financial year-end falls on a Saturday in 2018. Bates Cosgrave director Matt Zhou says: “Tax planning should start […]
By: Noel Whittaker In recent columns I have extolled the virtues of the change in superannuation rules that allow you to claim a tax deduction for personal concessional contributions even if your employer is contributing for you. But make sure you take advice before you make the contribution. It’s a minefield of paperwork, and getting it wrong could […]
By: Steve Burnham A commonly forgotten tax deduction is for subscription or membership fees to an association or union, which affects many professionals, business or trades people who will probably be members of some sort of association. See taxation ruling TR 2000/7. Broadly, the test for deductibility under the rules is whether the payment is an […]
By Anthony Keane IT’S June later this week, which means tax time is just a month away, so people who don’t start planning their deductions now risk missing out on a handy refund. TAX time is just over a month away, and whether you’re a worker or an investor, it gets real now. Leaving tax planning […]
