By Steve Burnham The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold. The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to […]
By Max Newnham Among the many changes introduced with the GST, one of the more far reaching income tax changes was the establishment of the Australian Business Number system. From July 1, 2000 strict regulations have required businesses to quote their ABN on official documentation, especially on invoices that they issue. Like many things to do with […]
By Wei Shiek Wei Shiek navigates through the myriad of tax issues of Airbnb and the Australian tax system* Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred […]
By Max Newnham When a business is commenced, one of the most important decisions that must be made is what type of legal structure to use? Each of the choices – sole trader, partnership, family discretionary trust, and company – has advantages and disadvantages with regards to income tax. One of the main areas of income tax […]
The status of the humble invoice took on immense significance in the year 2000 when the goods and services tax was introduced. It was a big year for the country, with Sydney hosting that year’s Olympics in the last half of September, Y2K proving to be a fizzer, as well as the introduction […]
By Olivia Maragna It’s already the start of March and the end of financial year is only a few months away. Before you know it, tax time will roll around again, and if you’re not ready you could miss out on big superannuation savings and incentives. As of July 1, 2017, the ATO introduced a raft […]
By Max Newnham Successive federal governments have recognised the importance of the small business sector to the Australian economy. As a result a number of income tax and capital gains tax incentives have been introduced to assist small businesses. The definition of a small business has changed over the years, and now there are effectively three […]
By Steve Burnham Fuel tax credit rates are updated every year (generally on 1 February, but this year they changed on 5 February). It is therefore a timely that the ATO has made public some common errors that taxpayers make when calculating and claiming fuel tax credits. The tips that follow will help taxpayers avoid these errors, […]
By Steve Burnham What types of legal expenses are tax deductible? When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by […]
You can judge whether a car is luxury or not, according to the government, if it costs more than $65,094 for 2017-18 (and $75.526 for “fuel-efficient” cars). It was $64,132 for 2016-17 (with unchanged fuel-efficient option). It’s not an over-the-top price tag if you’re considering true “luxury”, but it’s enough to cop an extra […]
