NOVEMBER 2019
Sometimes, essential tax records are missing or even destroyed. But all is not lost, as there is a “plan B” that can be put into affect, so we run through the options to help your tax outcome.
The investment strategy of any SMSF is not “set-and-forget”, and if not re-visited from time to time, could create problems with the ATO. We look at the essentials. We also touch on how a small business can make an immediate deduction for low cost assets, and with Christmas party plans most likely imminent, we provide you with three wise FBT tips.
DECEMBER 2019
Sometimes small business owners pass up the at-times lucrative small business CGT concessions simply through not knowing that they are eligible to claim them. Answering a few basic questions can clear this up.
We explain how the “personal property security register” can help manage the risk that comes with owning certain assets. We also take a closer look at the future of e-invoicing, and provide a basic “explainer” for personal services income.
SEPTEMBER 2019
Property developers often feel the gaze of the ATO on their activities, so we look at what could be getting its attention. Still on residences, we look at some little known facts about the CGT exemption that generally, but not always, applies to inherited homes.
Also dealt with is the tax that children’s savings accounts attracts, the operating costs available as deductions to SMSFs, and the top 10 tips for rental property owners to avoid common tax mistakes.
OCTOBER 2019
Deductible work-related expenses are always tempting to chase down, but to stay out of trouble with the ATO it’s always good to have fact sorted from fiction. We also look at the special CGT rules that apply when spouses have different residences.
There's an exemption from reporting obligations for employers for certain "personal security" fringe benefits, and we spell out what needs to be reported, and what doesn’t, for SMSF event-based reporting.
JULY 2019
When a loan is paid out early, it can sometimes trigger a penalty interest charge. There are circumstances where this charge can be tax deductible, but also many instances where this is not the case. A new tax ruling teases out the likely outcomes.
This new income year is the first where an amount of concessional super contributions can be carried forward but you need to closely follow the limits. SMSFs also must be wary of boosted ATO audit activity on the back of an increase in errors due to event-based reporting.
We also look at which trading structures may best suit your new business, with regard to not only tax outcomes but funding, remuneration and liability.
AUGUSt 2019
Heading overseas for that trip of a lifetime? There could be a few simple steps you can take to ensure all is in order tax-wise, both while you¹re away and after you return.
We also look at trust distribution resolutions, whether your backyard projects are considered a business or a hobby by the taxman, and simple measures to be aware of that can reduce the tax you pay on your small business.
MAY 2019
To claim a GST credit, a business is generally required to hold a valid tax invoice. However there can arise certain circumstances where an alternative document can be used.
There have been changes made to the director penalty regime, which may mean tighter diligence is needed to stay out of trouble. We also run over the ATO’s system of tax rulings and determinations, and what these can mean for your tax outcomes.
The essentials of the super downsizer scheme are also covered, and an ATO-sourced “living expenses tool” has been made available that may help put your tax records in better shape.
June 2019
With Tax Time 2019 just around the corner, we run over the sort of substantiation that the ATO expects for work-related deductions that taxpayers claim. We also look at Taxable Payments Annual Reports, and the new industries that these cover starting this year.
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Also this month we cover the ATO¹s compliance actions that it is subjecting trusts to, and the status of making personal deductions for car parking expenses.
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APRIL 2019
Working from home, while always an option, has become more viable as technology has developed to enhance connectivity. The ATO is fully on-board with regard to work-related deductions for working from home, but of course has set certain parameters for making claims.
Business success can pivot on the quality of staff, so ensuring they are knowledgeable and efficient through further training can be a worthwhile effort. There could also be a tax deduction for the business.
We also look at deductions for certain interest expenses, claims for donations, and where smaller employers stand with regard to singe touch payroll.
APRIL 2019 - FEDERAL BUDGET
This year¹s federal budget has a few sweeteners, which was to be expected with the next federal election only about a month away and the Coalition Government trying to make up ground in the polls. The welcome news is the forecast return to surplus for the 2019-20 fiscal year.
Also note that proposed changes to Division 7A will be deferred from 1 July 2019 to 1 July 2020, and that there are some useful changes to superannuation that will benefit older pre-retirees.
February 2019
Start-up businesses are generally not for faint-hearted investors, but there are tax incentives that can help. We look at two early stage business investment options. Also, a perennial topic of interest for tax is the ability to claim vehicle deductions, so we run over the basics to keep in mind.
In this issue we also examine how travel expense claims can be helped along if a taxpayer can also work in the word “itinerant”. And the ATO has also issued a warning on SMSFs and “personal services income”.
march 2019
A business facing the prospect of effectively dealing with losses could find their task a little easier with a more relaxed version of the “same business” test put in place by the ATO. We also warn about the new rules that can deny a deduction for some business payments if certain reporting obligations are unmet.
Also dusted off is the (now restricted) place for claims of travel expenses in relation to rental properties, and a reminder of the at-times forgotten role that valuations can play with regard to tax and property.