It¹s nowhere near the end of the FBT year, but a third quarter check-up can give you the opportunity to clear up any compliance issues. And it¹s a perennial question; how much do you need to retire? We look at the latest estimates.
Santa¹s probably dusting of the sleigh, so why not plan ahead for the Christmas party. We have some pointers to help keep the FBT Grinch away. There¹s also information on tax when renting out part of your home, and we take a look at running a business out of your SMSF.
There’s a new option in place for self employed Australians to be better able to save for retirement, but another change to the superannuation rules (in the SMSF arena) could lessen the appeal of borrowing to invest.
We look at a GST apportioning option to cover private use, and also the compliance steps that may need to be taken should the “use” of an asset change. And we take a broad overview of tax and the stock market.
Crowd funding is a relatively modern phenomenon, helped in no small part by the growth of the online world. But with revenue, of any sort, tax is generally something that has to be considered.
If you have already lodged your income tax return but then realise you left something out, don’t panic. We can help you make an amendment with the ATO to make things right. In this issue we also look at the place private rulings can have in managing more complex tax affairs. We also examine the ins and outs of personal services income.
They say that education comes with a cost, but that ignorance can cost you more. Self education is certainly worthwhile considering, especially as there can be tax breaks for the right sort of training.
SMSF trustees are generally family or friends, but that doesn¹t mean there won¹t be arguments along the way to greater wealth, so we take a look at how to best settle disputes. Another prompt for dispute is between deceased estate beneficiaries if a will doesn¹t satisfy expectations, so we examine how this can (sometimes) be rectified.
We also touch upon catching up on GST credits that have slipped through the cracks, and the exclusion clause the ATO has up its sleeve to deny a claim for a business loss.
It’s not uncommon for taxpayers to be in dispute with the ATO from time to time, and although the Tax Commissioner may seem invincible, this is not always the case. We look at the best approach to better your outcome.
At some stage, SMSF trustees will need to get their heads around the proportioning rule, so we run over the way this works. Also covered are the building and construction Taxable payments annual report, which is soon to be expanded to more industries, and a brush-up on statute barred debts.
Not every retiree has heard of the government’s Pension Loan Scheme, but it’s about time more people did. And with Tax Time now upon us, we run over some tips for your tax return.
An integrity measure that businesses need to keep a close eye on, called Division 7A, is given the once over, as are the possible deductions available for insurance premiums, and we also provide a brush-up on partnerships in the form of a quick quiz.
There’s been a lot of buzz about bitcoin lately, so we thought it timely to run over the ins and outs of cryptocurrencies. Another phenomenon of the modern marketplace is the sharing economy, but care needs to be taken when dealing with businesses carried on via sharing platforms to ensure there are no hidden tax traps. We use Airbnb as an example.
Back on more familiar territory, we also run over the many rules and requirements when making commutation requests for your retirement income. And as buying online from overseas is so prevalent these days, we also take a quick look at related costs such as customs duties.
Interest expenses on money borrowed to buy business assets can be deductible. However there are also circumstances, allowed under tax law, where deductions are still available after the relevant asset is disposed of. We run over the details.
We also look at the “work test” required for super contributions to be made for those over the age of 65.
In this issue of your newsletter we also deal with tax and franchising, the basics of testamentary trusts, and have a quick quiz (with answers) on business deductions.
For a business owner, the issue of bad debts can be bittersweet – yes you’ve missed out on revenue, but at least there’s some tax relief. We look at the conditions necessary to access such
consolation. On another financing matter, we touch on the particular considerations necessary when refinancing a partnership.
Property investors have recently lost eligibility to certain deductions, so we can run over what’s changed. And also in the real estate arena, consideration is given to property development undertaken via an SMSF, as well as retention of the main residence CGT exemption where the land on which a primary residence sits expands through acquisition.
There’s a hidden danger lurking within the FBT rules that business owners should keep an eye on. Where a third party supplier is generous enough to include your employees, there’s a very real possibility that this could trigger a tax liability for that business. We run over this and other quirks of the FBT regime.
We also look at the need for valuations for SMSF assets, the looming Single Touch Payroll requirements, as well as when or if a business can use simplified trading stock rules.