Christmas Donations
The festive season is here again, and as with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some […]
Touching on liquidation
General facts about winding up your business There are times where business owners, whether voluntarily or involuntarily, may need to wind up their business. It is generally less complicated to wind up the business of a sole trader (who has declared “bankruptcy”) than to wind up a business run through other structures. For companies, the […]
$20000 write off
Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses. However there is a hidden gem buried within the small business simplified depreciation provisions that in some circumstances can widen the application of this valuable deduction. It is possible, under certain conditions, for individuals such as employees to be able to […]
Planning to consolidate a block
Are you risking a tax hit by bundling your block with a neighbour? Home owners hoping to capitalise on the appetite for property development by working with neighbours or partnering with a builder should be wary of a surprise Capital Gains Tax or Goods and Services Tax bill. Scott McGill, Partner, Private Business and Family […]
Life insurance bonuses
When a life insurance policy has been held by the taxpayer for 10 years or longer, reversionary bonuses received on that policy are tax-free. (A reversionary bonus is the profit earned annually on traditional life contracts on top of the sum-insured.) For policies held less than 10 years, stipulated amounts are included in the Taxpayers […]
C&D Advisory Newsletter Issue 3
In our November newsletter, we discuss how bookkeepers can integrate PPSR management as part of their services and why it’s vital for their clients. We also have a look at a case study involving a significant reduction in ATO debt for one of our clients and how we did it. In team news, we’re heading […]
Tax planning for law firms
All practitioners should now be attending to tax planning. Consequently, we share with you our tips and insights for consideration to fully capitalise on recent announcements. The extent of opportunity and relevance for each of these changes will be dependent on individual circumstances and we would encourage you to give us a call to discuss […]
Best Practice Governance
Corporate governance principles and best practice should serve the business and shareholders (and not the other way around!). Technically beautiful governance can be functionally inadequate Imagine a small board with three non-executive directors. They may technically tick every governance best practice box – have every committee in place with charters, regular meetings and the right […]
Personal Carer
A recent court decision, and subsequent appeal, has ramifications for taxpayers with disabilities, and who are in need of a personal carer. The decision centres around what is or is not acceptable as a tax deduction in relation to the costs that arise with regard to that carer under certain conditions. The circumstances of the […]
Home renovations
Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable. Examples of assets that could qualify for tax deductions may surprise many taxpayers, and can even include items such as kids’ cubby houses or garden gnomes which form part of […]
