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Tax & Super Newsletter

November 2018

Nov 2018 Newsletter WHAT THE TAXMAN IS THINKING New ATO rulings and ATO’s focus this coming tax return season NEW RULINGSEFFECTIVE LIFE OF DEPRECIATING ASSETSA new effective life Ruling applying from 1 July 2018 has been issued – TR 2018/4. If you are not a Small Business taxpayer, and...

Tax & Super Newsletter

October 2018

THE HOME FRONT USING YOUR HOME TO PRODUCE INCOME WHILE STILL LIVING IN ITThe full exemption from capital gains tax is lost if you:use any part of the residence to produce income during all or part of the period you owned it, and would be allowed a deduction for interest had you incurred...

A CRACKDOWN ON POPULAR TAX DEDUCTIONS IS COMING

September 2018

STANDARD DEDUCTIONSA pervasive myth about eligible tax deductions is that everyone is entitled to claim a "standard deduction" of $150 for laundry, 5,000 kilometres for cars or $300 for work-related expenses.These deductions are available and can be legitimate, but they must arise from expenses...

Newsflash

August 2018

MYOB set to scrap accounting desktop productMYOB will be discontinuing support services for one of its original accounting desktop products next year.AccountRight Classic, which has been in the market for about 20 years and is one of MYOB’s original desktop products, won’t be updated beyond...

Tax & Super Newsletter

August 2018

You can’t claim that: Top 10 tax traps Everyone has tax advice, but some advice, like that given by shop assistants, probably should be taken with a grain of salt. For starters, there’s no such thing as a “standard deduction”, the Australian Taxation Office’s (ATO) assistant commissioner Kath...

Tax & Super Newsletter

May 2018

NEW SUPERANNUATION GUARANTEE ENFORCEMENT LEGISLATIONThe government has introduced a new bill that makes a number of changes pertaining to superannuation guarantee employer obligations and single touch payroll.According to ATO estimates, there is purportedly $2.85 billion in unpaid superannuation...

Tax & Super Newsletter

March 2018

March 2018 Newsletter ATTRACTING THE ATO’s ATTENTION The ATO have reiterated the list of behaviours that attract their attention. These activities include:Tax or economic performance which is not comparable to similar businesses Low transparency of tax affairs Large, one-off or unusual...

Tax & Super Newsletter

September 2017

September 2017 Newsletter Small Business Immediate Asset Write-Off Small business entities can claim an immediate deduction for depreciating assets that cost less than $20,000, provided the asset is first acquired on or after 7.30pm, by legal time in the ACT, on 12 May 2015, and first used or installed...

Tax & Super Newsletter

August 2017

August 2017 Newsletter  TAKING MONEY FROM A PRIVATE COMPANY This article is a must-read for all private company shareholders. Specifically, it is aimed at individuals who operate their business through a company structure and from time-to-time take money from the company for personal use. Are you...

Tax & Super Newsletter

April 2017

WHY TAX PLAN? Tax planning is the process of organizing the affairs of a taxpayer so that, as far as legally or commercially possible, the liability of the taxpayer to income and other taxes is minimised. – (definition from the Australian Master Tax Guide)Some common strategies of reducing one’s...

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