CGT Concessions and the Difficulties for Shares and Unit Trust Interests
When selling a business, it is always important to determine whether or not a seller can qualify for the small business CGT concessions. The potential benefit of this is to either exempt, reduce or defer the tax implications of a capital gain made on the sale. When examining the small business CGT provisions, there is […]
Exemptions for Work Christmas Parties
It’s not quite Christmas time yet, but most businesses will be in the process of thinking ahead to the yuletide festivities, if not already into well-advanced planning. One of the perennial questions is if and how fringe benefits tax applies to these activities. There is no separate fringe benefits tax (FBT) category for Christmas parties […]
Scared of advice?
Litigation and the risk of litigation is real for professional firms. As taxation becomes more complicated and business transactions are becoming harder to follow, there is a need for firms to align themselves to maximise their service offering. For smaller practices avoiding or unwilling to give advice, we offer a service that will allow you […]
Pre-Christmas Planning
Each year the team notices an uptick in businesses suffering financial difficulties prior to the Christmas break. For some businesses there is an attempt to hold on, to try and see if the new year will bring the necessary change to be able to break a financial problem. If your business is under pressure, now (and […]
Is attending a conference tax deductible?
The test is a standard question of whether the conference costs were ‘necessarily incurred in earning your assessable income’. The ‘necessary’ causes some taxpayers some concerns. If the conference keeps your knowledge current and/or refines your skills, is in the area that you currently operate and is in the nature of continuing professional development, then […]
Using your super for business
Can I borrow against my Super to buy or support my business? Unfortunately the answer is probably ‘No’. Super funds pay a discounted/concessional rate of tax on earnings (15%). To keep getting the discounted rate they have to comply with Superannuation legislation. One of the rules is that the ‘sole purpose’ for the fund is […]
Can I have two PPR?
Capital Gains Tax (“CGT”) applies to the capital gain made when any capital asset is sold by a taxpayer, including land and buildings. In simple terms, the capital gain is the difference between the sales price (net of selling costs) and the cost price (plus stamp duty, legals and the costs of acquisition). You can […]
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 […]
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 […]
