Tax Impacts for Property
Recent changes for property owners have made the buying and selling properties a bit harder from a reporting perspective.
Managing Business Tax Debt
Fulfilling tax obligations ranks at the top of business compliance priorities, but it’s not always easy to keep on top of your business tax. Business tax debt has serious implications when left unpaid, so every business should be proactive in managing this type of debt.
Debt management for Directors
Debt is a normal part of doing business. Every company will have some debts that must be managed on a regular basis, and good debt management is about always being aware of the debts you have and dealing with them in a timely and structured manner.
Valuations in your SMSF
The days of a lax approach to valuations are over. While there is not always the need to employ a qualified independent valuer for each valuation, there are important circumstances where it is mandated, and others where it is recommended. Where one is not used then appropriate documentation needs to be kept of how valuations were determined. Back of the envelope or simply made-up valuations will not suffice.
Work test over 65
Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”.
Not in the will… does it count?
A recent decision in the Supreme Court of Western Australia shows that pre-testamentary wishes are difficult to prove unless they are expressly provided for under a valid Will. In Caratti, the deceased mother made a decision during her lifetime that her son, and future beneficiary of her estate, could reside at her house for as long as he wished. However, there was no provision of this right in her Will. The consequence was that the deceased’s son was not eligible for an exemption to land tax despite using the property as his place of residence.
Tax of online selling
Many taxpayers will have noticed that “pre-filling” has become much more widespread, which is only possible due to the amount of financial information that is able to be accessed by the Tax Office.
What should I bring to a tax return meeting
If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them.
Are tips assessable?
Have you ever gone to pay for your coffee or lunch and saw the tip jar at the local café counter, and wondered how (or if) the business and/or its staff accounts for tax on that money? Depending on a number of factors, this can add up to quite a sum over a year, assuming the café owner empties the jar each day. Not surprisingly, the taxman has thought of this scenario, and has devised guidance for dealing with “tips and gratuities”.
What is a Director Penalty Notice
A Director Penalty Notice (DPN) can be issued by the ATO against company directors in order to recover unpaid debts. Company directors can be held personally liable for the outstanding tax liabilities of a business so it’s crucial to have a good understanding of your rights and obligations under this area of law.
