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 […]
By: Steve Burnhum The ATO says that it has “listened to the concerns of small businesses, tax professionals, industry associations and software providers”, and is working towards reducing GST compliance costs for small businesses. “We are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting […]
By: Steve Burnham The changes to the super system, announced by the government in the 2016–17 federal budget, have now been passed by Parliament. Overview of superannuation system changes for SMSFs. As reflected in the name of the legislation, the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016, these changes were designed to improve […]
By: Steve Burnham Putting your money into bricks and mortar has been a traditional stalwart of investing for generations of Australians, and continues to be viewed as a solid place to park spare cash and build wealth in the long term. For many years a lot of us seem to have heeded the quote attributed […]
