Quick List of Business Deductions
This non-exhaustive checklist of business deductions is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. Note that these deductions may not necessarily be available, and before deciding on the deductibility of an outgoing, the business’s particular circumstances should be taken into account. Ask us for guidance. All businesses […]
Proportioning Rule
When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in the same proportion as the tax-free and taxable components of the member’s […]
Treatment of statute barred debts
Various tax implications can arise when a debt becomes statute-barred. So what is statute barring and when can it be a problem? In simple terms, a debt is statute-barred when it has reached a statutory limitation period where it can no longer be legally recovered by creditors. Specifically, each state and territory in Australia contains […]
Changing a GST Purpose
Sometimes your business may end up using an asset you purchased, such as a property for example, in a way that is different to what you had originally planned. It pays to remember that if you claimed GST credits for assets that have had their intended use change from that originally planned, you need to […]
Annual GST Apportionment
The general case regarding GST credits is that business owners can claim input tax credits relating to eligible business expenses when you lodge your business activity statement (BAS), which may be monthly or quarterly. However it is not unusual for business owners to occasionally make purchases that contain a private use component. Where expenses are […]
Changing details in a tax return
Say for example that we have already lodged your 2017-18 tax return and forwarded your notice of assessment to you saying that everything is as discussed, but you then realise that something has been left out of your return, or you accidentally included an extra deduction or doubled one up. There’s no need to panic […]
UPEs on sub trusts
As we are now all aware, via tax ruling TR 2010/3, the ATO has outlined its position that a UPE from a trust to a corporate beneficiary represents a loan for the purposes of Division 7A of the Income Tax Assessment Act 1936. In TR 2010/3 however, the ATO provide specific exclusion for UPEs created […]
Land tax (Vic) Vacant residential land
Provisions were recently inserted into the Land Tax Act 2005 of Victoria which now incorporate a new vacant residential land tax impost. Vacant residential land tax only applies to residential land in certain specified inner Melbourne metropolitan zones which is left vacant (i.e. not used and occupied by anyone) for a period of greater than […]
Small Business CGT Super Rollover
In an era where there are significant restrictions on the amount of money that is able to be contributed into superannuation, advisors are acutely aware of the ability of an individual to contribute lump sum amounts into superannuation by applying the Small Business 15 year exemption or the Small Business retirement concession. Where the Small […]
CGT Basics
The term “capital gains tax” (CGT) is perhaps the biggest misnomer in tax. It is not its own, separate tax on capital gains per se. For an individual, it is included as part of that person’s assessable income and subject to tax at their marginal tax rate. When a taxing point for CGT happens (referred […]
