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 […]
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 […]
