Employers and individuals using a vehicle for work may find it useful to consult ATO guidelines when claiming work related travel expenses. Individuals and business owners may be able to claim car travel expenses in the following circumstances: If they have to carry bulky goods or equipment back and forth to work that cannot be […]
Investing in property with a SMSF One of the fastest growing investment assets for SMSFs is residential property. In the past four years, residential property acquired through self-managed super funds has jumped 45 per cent to more than $15.5 billion. The popularity of residential properties as an investment option can be attributed to the Government […]
While the ATO is generally fair in its treatment of business debt, it does use tougher measures which can have a significant impact on the future of a small business. A statutory Garnishee Notice is one option available to the ATO to collect outstanding company taxation debts if other more usual avenues, such as debt […]
On the fringe: Top FBT myths & opportunities Fringe benefits tax (FBT) exists to ensure that employees are not getting income disguised in another form and avoiding income tax. But such a broad concept has its problems. With the FBT year ending on 31 March, it’s a good time to explore the myths and realities […]
BABY BOOMERS TURN 65 This milestone means they will undoubtedly begin actively thinking about their retirement plans and the lifestyles they want to lead, which is something Generation Y should begin pondering. THE SAVINGS SHORTFALL Recent research undertaken by actuarial firm Rice Warner has revealed that Australia’s retirement savings gap has worsened over the past […]
IS THE TAX OFFICE COMING FOR YOU? Every few months we warn you about what the Australian Taxation Office (ATO) is looking for and how you can reduce your likelihood of being in the spotlight. We look at the obvious and not so obvious ways the ATO is looking at you. The obvious problem areas […]
THE REAL COST OF AGED CARE At some point in your life, you or a loved one may find it difficult to manage at home. Aged care homes are available across Australia for older people who can no longer live at home and need to plan for long-term accommodation and care. Aged care homes also […]
STRENGTHEN YOUR BUSINESS – PLAN FOR RISK Many businesses will fail if they lose one large customer or supplier. Creating a disaster plan will help you cope with the worst possible scenario. It is the nature of entrepreneurship to take risks. But by being strategically diversified businesses can lessen the impact of an unforeseen difficulty. […]
SMSF members whose accounts are in the accumulation (tax paying) phase, should remain informed of which expenses of the fund are tax deductible and which are not. The ATO has guidelines regarding tax deductible expenditure in SMSF funds. It considers something tax deductible if it is an expense incurred while producing or gaming assessable income […]
The last few years have been financially tough on many business, increasing the temptation to cheat with their GST. This is clearly recognised with the Government’s renewed commitment to the ATO’s compliance program. The Government continues the pressure for another two years with the announcement that it will provide $195.3 million to the ATO in […]
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