You can do whatever you like but if you do it the wrong way, you will be hit with FBT, which can significantly elevate the costs of Christmas, or leave you unable to claim the festive expenses as a deduction. Not even Christmas escapes the Tax Office! Baah humbug. The good news is that if […]
The structure of the workforce is transforming and many business owners are struggling to make sense of the rapid changes. The problem is that regulation, especially from the tax office, will always be a few steps behind changes that are happening in the real world. Sadly, this often means that compliance requirements are not befitting to current business practices. An area where this is […]
For many employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of managing a business or company. However, those who fail to meet these obligations are guaranteed to face some serious and even damaging liabilities. Recently, the Australian Taxation Office (ATO) has identified industries where employers are facing a higher risk of not meeting […]
The ATO has announced that one of its compliance focuses for the upcoming year will be GST compliance. The program will involve a combination of compliance and education to help business owners understand what is involved in meeting their obligations. Key areas of GST compliance focus will be registration, accuracy in BAS reporting, and GST fraud. The ATO will have improved data matching […]
The ATO continuously find common mistakes made in claiming rental property borrowing expenses. It is important for rental property owners to ensure these mistakes are avoided in the future to reduce the possibility of being selected for an audit or review. Property investors can claim certain deductions in their tax return when taking out a new loan to purchase an investment property. These costs include: […]
In this current economic climate many small businesses have seen a change in their ability to borrow funds from their bank. With banks conducting careful research to determine a business’ risk factor it is more important than ever for businesses to maintain a good relationship with their bank in order to safeguard their future access […]
Partners must carefully assess the risks and benefits of guaranteeing their spouse’s loan before they rush into an agreement. A person can become the guarantor of their partner’s loan when a credit provider is reluctant to lend to them on their own. Once they sign their name as a guarantor they can be held accountable […]
Borrowing at a time of low-interest rates to invest can yield high returns in the long run, and help pay off debts. Although borrowing to grow a portfolio of shares or a managed fund is risky, if investors have a secure income stream and extra funds, the results can be very favourable. Diversifying the investment […]
Quantity surveyors produce a detailed depreciation schedule to help investors boost their cash return each financial year. Depreciation is one of the most under claimed deductions that property investors fail to take advantage of. A specialist quantity surveyor will prepare a depreciation schedule that outlines all of the deductions the owner of a property can […]
While many self-managed super fund (SMSF) members are turning to gearing in superannuation as an investment strategy, this investment approach may not always be appropriate for every member. Before embarking on a gearing strategy, it is important for SMSF members to undertake a sensible analysis of the true risks involved or they could find themselves […]
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