Newsletters

Once a month, we publish a newsletter which aims to keep you thoroughly up to date with key tax and super issues, news and changes. Simply click on the month and you will be taken straight to the full colour PDF.

Please contact this office for clarification, or further advice, regarding any of the topics covered in these newsletters.

Happy reading.

December 2017

Recent legislative changes mean that SMSF trustees need more than ever to stay aware of the value of assets, and makes the forced unwinding of an LRBA a more real possibility for many. We run over the practical aspects.

Recent legislative changes mean that SMSF trustees need more than ever to stay aware of the value of assets, and makes the forced unwinding of an LRBA a more real possibility for many. We run over the practical aspects.

October 2017

There were a couple of housing-based superannuation contribution proposals contained in this year’s Federal Budget, for which draft legislation has finally been tabled. We run over the finer details that have been revealed.

And if you or anyone you know has considered driving an Uber car to earn some extra income, we have some essential information that you need to understand. However if you are already a higher income earner, note that a certain income threshold has recently dropped (by $50,000!) that may catch a lot of taxpayers unexpectedly.

We also look at immediate deductions for start-up businesses, and go over the car parking FBT exemptions for small business.

Lodgment Rates and Thresholds 2017-18 Special Edition

September 2017

The small business CGT concessions can be extremely valuable, but sometimes the complexity of the details can be confusing. We clear up some of the more obscure factors.

The rules around LRBAs for SMSF trustees have been fiddled with again, and necessitate (again) a look at the fine print. There is also a new statistical report on SMSFs that trustees should be glad to read.

Also dealt with are the differences between investment returns being on revenue or capital account, and what to do if you need to lodge your next tax return early.

August 2017

Making claims for travel allowances is a handy deduction for many employees, especially as the ATO has seen fit to make an exception to substantiate these claims in many circumstances. However this consideration comes with a warning — get it right, or lose that exception. We run over the particulars.

Did you know that there are deductions that are specific to SMSFs? As usual however, there are conditions. We also look at deductions available for financing rental properties, the interaction between the new super transfer balance cap and child recipients of death benefits, and a tax break available for life policy bonuses held for a certain time.

July 2017

The ATO is on the warpath over incorrect deductions that many taxpayers try to claim for holiday rental properties, so we take a look at the issues that have been grinding the taxman’s gears.

And if you’re going to soon make an appointment to complete your tax return, we’ve made a general checklist of things to prepare. By the way, you might also be able to claim the travel costs for travelling to see us — we share the particulars for eligibility.

Mobile, home phone and internet costs may be claimed under some circumstances, so we run over the substantiation that the ATO will accept to successfully make these deductions. We also present an overview of streaming trust capital gains and franked distributions.

June 2017

The end of the financial year is in sight, but businesses shouldn’t assume their 2016-17 tax outcome is set in concrete just yet — there are still some legitimate tax planning strategies that can help us help you not pay a cent more tax than you have to.

We also look at how to make good use of a tax loss, and discuss interest income and who is deemed to be assessable. Importantly for SMSF trustees, we also run over the newly minted transitional CGT relief measure that can apply when trustees comply to the new balance cap.

April 2017

There’s nothing wrong with sourcing certain business assets through peer-to-peer websites like Gumtree or even a Facebook group. It’s when it comes to substantiating a tax claim that these sorts of transactions can end up being difficult.

The ATO’s rules regarding deductions claimed for work clothing, or for laundering clothes, are fairly straight-forward, but there are a few grey areas that crop up now and then.

We cast an eye over how simplified depreciation works for small business pools, and also look at the new “total superannuation balance” and what it means for your fund.

February 2017

There is a particular speed hump to negotiate when chasing one of the valuable small business CGT concessions, and that is if the asset involved is “active” as opposed to “passive”. We explain the difference.

There are certain steps to take when tying up the loose ends when looking after a deceased estate, so we provide a 7 point checklist to help. We look at the pros and cons of electing to be a family trust, and also run over important changes regarding the assets test for pensioners.

October 2016

A recurrent topic of inquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims for that travel. We unravel the complexities.

A start-up business is going to have to make a decision about the type of structure most suitable for their enterprise. But we also look at when a business ends, and the delicate topic of liquidation and what needs to be done when winding up a business.

The latest government announcements regarding superannuation are also dissected to see where SMSF trustees may be able to prepare for the future.

July 2016

Property investors may be missing out on some valuable depreciation items (and did you know sometimes even the humble garden gnome can qualify), so we run over the sorts of assets you may be able to include.

We also look at what is on the taxman’s radar relating to work deductions this Tax Time, and also run over what you might need to bring in to your appointment if we’re completing your 2015-16 tax return.

June 2016

Even though the current financial year is winding up, don’t assume that your 2015-16 tax outcome is set in concrete just yet — there are still some legitimate tax planning strategies that can help us help you not pay a cent more tax than you have to. In the same vein, we also list the top 7 tax tips for investors.

SMSF trustees come in two flavours — corporate or individual. Deciding which is best for your retirement savings outcome requires careful consideration, so we have run a ruler over each. We also look at trust essentials, and explain the government’s Restart wage subsidy program that’s available for businesses.

May 2016

While a lot of the benefits a business can provide to employees will bring an FBT liability with them, this is not the case for every benefit. We look at what you can consider that are also FBT-free. And if staff are looking to salary package, we also run over the possibilities.

Have you already lodged a BAS but forgot to include an item? Don’t panic. There are ways around it, and we can help. We also consider the tax implications that can arise through making claims on a holiday house, and raise the delicate topic of cognitive decline among older SMSF trustees.

April 2016

While your business might own some tempting assets, be careful when making use of these for your personal enjoyment, as this could trigger a tax liability. And if you are considering changing the structure of your small business, a new measure means you might in certain instances no longer trigger CGT.

SMSF trustees note; it is essential that you know the difference between a binding and a non-binding death benefit nomination, so we run over what these mean. And speaking of legacies, every successful business owner should ideally have a succession plan in mind.

We also look at travel expense claims, how these differ from the living away from home allowance, and also how the ATO is getting help from insurance companies to uncover undisclosed wealth.

February 2016

Claims for vehicle use remain one of the most popular for a huge number of taxpayers, but recent tweaks to both the compliance regime and the provisions for making such claims means that correct record keeping is essential. And as doing business online is becoming even more pervasive, it’s just as well the Tax Office has provided guidance on claiming relevant costs for setting up a website.

Trustees of SMSFs continue to make use of limited recourse borrowing arrangements (LRBAs), but there are important considerations, and warnings, to be aware of before you jump in. We also look at an FBT-free commuting alternative, and remind certain taxpayers that the special zone tax offset they may have previously claimed may no longer be available.

December 2015

If you are building a new home or repairing an old one, there is a concession that allows you to extend the period when you are able to claim the main residence CGT exemption, even if you are not living in that dwelling, if circumstances are right. And as there still seems to be lingering confusion on the $20,000 small business pool write-off, we run over all the details. The cut to the small company tax rate is welcome, but there is a dividend franking implication that you need to keep an eye on. We also briefly explain what “adjusted taxable income” is, and survey the tax landscape from a cyber security point of view.

November 2015

Everyone likes end-of-year Christmas parties, but there’s no reason to rack-up a tax bill while celebrating. We list five tips to keep the fun tax-free. And while getting a valuation is sometimes necessary, you need to make sure there are no negative tax outcomes.

Like everyone, company directors have responsibilities. The potential problem for directors however is that they can be held personally liable. We run over the rules. Also this month we look at the circumstances that allow a deduction for the fees paid for training courses, the reality of bracket creep and tips to reduce the impact, and the necessary steps you need to take when winding up your SMSF.

October 2015

If you haven’t heard of the “sharing economy” yet, it could be time to start to get familiar with this “new way of connecting buyers (users) with sellers (providers)”. Services like Uber, Airbnb, AirTasker and MenuLog are all in the Tax Office’s sights to ensure these new forms of business pay their full share of tax.

We also run an eye over various rental property claims that continue to be misunderstood, look at the Tax Office efforts to match credit card data with declared income, and spell out the more common traps that SMSF trustees can still fall into. We also reveal a handy tip about claiming a portion of professional association membership costs, even after retirement.

There are certain tax breaks made available to the small business sector that every small business owner should know about, so we spell out what is available. We also look at how the tax system treats children’s income, spell out the top tax mistakes that small businesses keep making, and discover that there is such a thing as a deductible cup of tea.

September 2015

Thousands of Australians head offshore each year to expand their horizons and a lucky few will fund their adventure by working overseas. There are however important tax considerations. We run through the dangers.

If we have already lodged your tax return but you’ve discovered an extra deduction you could have claimed, or became aware of an error that needs fixing, don’t panic. There are ways to make sure your assessment has the right outcome.

There are certain tax breaks made available to the small business sector that every small business owner should know about, so we spell out what is available. We also look at how the tax system treats children’s income, spell out the top tax mistakes that small businesses keep making, and discover that there is such a thing as a deductible cup of tea.

August 2015

Up until this year, the Tax Office’s compliance focus has tended, in part, to look at certain professions for problems or mistakes made by taxpayers, but a change of tactic this Tax Time sees it focus instead on particular expense claims. We run through the work-related expenses at the top of the Tax Office hit list.

We also look at some considerations for anyone thinking about taking a pension from their SMSF, as well as having a look at how a “transition-to-retirement” arrangement could be beneficial.

Lastly, if you’re selling a business, the GST “going concern” concession should not be an assumed bonus, so we run over the rules to make sure you don’t miss out. We also look at public rulings and how these can relate to your own tax affairs.

July 2015

Although a very welcome announcement from the last federal budget, the $20,000 immediate asset write-off sparked a lot of questions about its implementation and eligibility requirements. We answer all your pressing inquiries.

Also covered are tax deductions that are generally not allowed, claims you may be able to make if you’re lucky enough to own a holiday house, and a guide to taking out insurance through your SMSF.

We also look at the essentials of succession planning, and profile the new role proposed for the small business sector, the Australian Small Business and Family Enterprise Ombudsman.

 

Share