Food and GST
There may be several positives to come out of the government’s push for tax reform, with the various submissions to its Re:think initiative from industry and the wider taxpaying community. But certainly one of these positive outcomes is that Australian taxpayers have been talking and thinking about tax reform with increased enthusiasm. One area of tax legislation, […]
How do we Protect Subbies from Builders like JM Kelly?
Many businesses are not aware of how their assets could be caught up in someone else’s liquidation or administration. For subcontractors, one of the hidden dangers when dealing with builders is the potential to be hit with a preferential payment demand if the builder enters into liquidation.
Finance costs for rentals
Interest can be claimed for the cost of funds borrowed to purchase a rental property and to meet maintenance costs or running expenses while the rental property is being let (or is available to be let) under a commercial arrangement to generate assessable income. In these circumstances the interest paid is deductible even if it […]
Our Guide to Voluntary Administration
If you are thinking about insolvency, there are so many new terms that a business owner may face in a very short period of time. Understanding who does what and what their obligations are can often be clouded, because whilst you may have employed or engaged a third party, they may have obligations to people […]
Guide to Garnishee Notices
A garnishee notice is a serious issue. It means that a debt has reached the stage where the court has made an order that allows the creditor to seek repayment from a third party, whether it be your bank or your client or customer (or for employees directly from your employer). If you are issued […]
Succession Planning Strategies
For business owners, succession planning can take many forms, and this guide covers some of the major considerations. Whilst not a complete guide, we cover a range of succession planning strategies, considerations for business owners and what steps can (and should) be taken to minimise complications into the future. We understand that succession is not […]
Setting up a trust
In Australia, whether good or bad, it is easy to establish a trust fund, with online options prevalent and low-cost options available. This, however, is not the end of the process but rather the beginning. There is a lot of advice that trusts are some structure that will provide a lot of benefits, but rarely […]
Liquidation in Australia
The process of liquidation in Australia is one which is often misunderstood and without proper understanding can be devastating for business owners. Getting advice early is important and taking all steps prior to liquidation will minimise the risk and ensure that you are best placed during the process. From the moment that the company liquidator is […]
Basics of Dividends
Mum and dad investors in receipt of dividends from their share portfolio often benefit from investing in blue chip shares because they usually have franking credits attached. As a general rule, an Australian resident shareholder is assessed for tax on dividends received plus any franking credits attached to those dividends. The shareholder is assessed on […]
Initial repairs
The ATO frequently re-focuses its attention on claims that investment property owners make for repairs to rental residences that it deems to in fact be “improvements”. The scenario where investment properties have work done on them often happens shortly after the property is purchased, and has led to the term “initial repair” being commonly used […]
