GST for property developers
When it comes to property developing, GST considerations are almost always present. The GST rules require you to register for GST if your annual turnover in the past twelve months or projected annual turnover in the next twelve months exceeds $75,000 at any point in time. Furthermore, you may want to voluntarily register so that […]
Courier or cleaning services?
If ‘Yes’, are you ready to report to the ATO the payments you make to contractors? Summary Under new legislation that has effect from 1 July 2018, if you are a business that provides Courier or Cleaning services you will need to report the payments you make to contractors if: the payments are for Courier […]
New Phoenix Laws
Illegal phoenix activity and the plans to fight it have been the focus of a run of headlines in both the mainstream and financial press. And for good reason: the impact is significant and widespread, affecting the business community, employees, contractors and government. In fact, a report commissioned by the Phoenix Taskforce and released in […]
PSI Results Test
The Results Test The results test provides that an individual or personal services entity meets the results test in an income year if in relation to at least 75% of the individuals personal services income: (a) the income is for producing a result; and (b) the individual is required to supply the plant and equipment, […]
Basics of Family Trust Elections
Most practitioners have heard of family trust elections, and some may have made family trust elections to err on the side of caution. However, in many cases, a clear explanation of the reasons for making a family trust election is not readily available. This article aims to provide a practical explanation of the main situations […]
Illegal Phoenixing
With high-profile cases of illegal phoenix activity back in the news, new funding to crack down on the practice and the establishment of a cross-agency anti-Phoenix taskforce, the obligation of professional advisors to not participate in suspected phoenixing is clear. Where professionals see illegal phoenixing behaviour, there are moral and ethical expectations to report it […]
Renting your Principal Place of Residence
There are various reasons why you might consider vacating and renting out your home for a limited time. You might want to take an extended holiday and feel more comfortable if someone is living there and paying rent. You may have an additional property, a holiday house for instance, and a change of pace that […]
Cash v Accruals
Goods and Services Tax (“GST“) is calculated as the GST owed to the Australian Taxation Office (“ATO“) by the business (GST collected on sales made) less GST owed by the ATO to the business (GST paid on purchases made). The ATO gives small business owners the option of reporting GST on a cash basis if […]
Basics of Family Trust Elections (FTEs)
Most practitioners have heard of family trust elections (“FTE“), and some may have made FTE’s to err on the side of caution. However, in many cases, a clear explanation of the reasons for making a FTE is not readily available. This article aims to provide a practical explanation of the main situations in which a […]
Repairs, replacement and maintenance
You can claim a deduction for repairs and maintenance to machinery, tools or premises you use to produce business income, as long as the expenses are not capital expenses. What you can claim You can claim the cost of allowable repairs and maintenance, including: painting; conditioning gutters; maintaining plumbing; repairing electrical appliances; mending leaks; replacing […]
