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 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 […]
By Alex Alexandrou KEY FACTS What: Single Touch Payroll (STP) When: 1 July 2018 By: Australian Taxation Office For: Employers with 20 or more employees *The STP will apply to employers with 19 or less employees from 1 July 2019 – subject to parliament Time is well and truly ticking as the countdown begins for larger businesses in Australia […]
By: Melissa Browne This year, the Tax Office issued a warning it was targeting “the large number of mistakes, errors and false” claims made by rental property owners who use this property for their own personal holidays. If you own a rental property and it’s being rented consistently by the one tenant, this warning doesn’t apply […]
By Noel Whittaker June 30 is rapidly approaching, which means there are things you should do in the near future to improve your financial situation. Smart tax planning means deferring income while bringing forward expenses. For example, if you have money to spare, think about placing it in a term deposit with the interest maturing after […]
By Steve Burnham As a general rule, travel from your home to your workplace is not allowed as a deduction because it constitutes a “private expense”. There are however specific situations where this rule does not apply, and there can be circumstances where you may be entitled to claim some of the travel expenses between your home and […]
By: Steve Burnham With the end of the financial year in sight, there is one more thing your clients will need to be aware of regarding changes to the tax landscape — especially those thinking of purchasing a residential property. From 1 July this year, buyers of new residential premises (or “potential residential land”) will […]
