By Steve Burnham If you’ve lost your tax file number (TFN) there are a few options for you to try to get it back. Your first avenue of inquiry, if you use the services of a tax agent or accountant, will be to ask them for your tax file number as you will have previously […]
By Rod Myer With the end of the financial year approaching fast, there are some important things you need to do to ensure you get the best out of your superannuation by June 30. The super system has recently undergone some of the biggest changes in a decade, with many to come into effect in the […]
By: Max Newnham Many small businesses are family affairs. They often start off as a simple partnership between a husband and wife and can grow into being operated through a discretionary family trust. Since the tax laws were tightened family trusts can effectively only distribute $416 tax-free to children under 18. As long as the i’s […]
By Max Newnham There is often a misconception that when someone starts a business they can deduct a lot more expenses than when they were an employee. Nothing could be further from the truth. For any amount to be deductible there must be a link between the expense and the income earned. There are however some […]
By SUNCORP Hundreds of thousands of Australian small businesses will have a little more cash left in the kitty next June after corporate tax cuts were confirmed in the recent federal budget. Treasurer Scott Morrison used his second budget to restate the Turnbull Government’s strong commitment to reducing the tax burden on small businesses. Other positive […]
By Steve Burnham The recent cut to the tax rate for incorporated businesses that turnover less than $50 million a year, while generally welcomed, can bring with it some important considerations when it comes to distributing franked dividends. The rate change to 27.5% is to be staggered, starting with companies that turnover up to $10 […]
Lease incentives are commonly used by landlords to entice tenants to enter into a lease. The most common type of lease incentive relates to new tenancies in commercial buildings. These inducements can take many forms, including upfront cash payments, non-cash items such as motor vehicles or boats, expensive paintings, holiday packages, rent-free or rent-discounted […]
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will […]
By Benfletcher At some point in the life of your business, it will benefit you to move from being a sole trader to a company setup. Ben Fletcher explains what to consider before making the move. In my experience there are three main reasons a sole trader would move to a company structure for their […]
The ATO has issued an update on the progress of the government’s superannuation tax reform package. The update, which deals with transition to retirement income streams (TRIS), total balance caps and limited recourse borrowing arrangements (LRBAs) among other things, includes some ‘minor’ amendments to super reforms that may not be so minor at all. […]
