The ins and outs of “entertainment” business deductions

The ins and outs of “entertainment” business deductions

As a tax concept, “entertainment” can be relevant not only to fringe benefits tax (FBT), but also to income tax and even goods and services tax (GST). For a business, whether a business expense is “entertainment” will generally also determine … Continue reading

Posted in Tax | Comments Off on The ins and outs of “entertainment” business deductions

Ten tips for rental property owners to avoid common tax mistakes

Ten tips for rental property owners to avoid common tax mistakes

Below is a list of tips from the Australian Taxation Office (ATO) that should help rental property owners avoid what it has found are the 10 most common tax errors made by rental property investors. The ATO says that avoiding … Continue reading

Posted in Investing | Comments Off on Ten tips for rental property owners to avoid common tax mistakes

Stay alert for scams & fraud

Stay alert for scams & fraud

The Australian Taxation Office (ATO) is committed to educating taxpayers on how to protect themselves against tax scams and identity theft. It says that up to the end of last financial year, $2.7 million was handed over to fraudsters, with … Continue reading

Posted in Tax | Comments Off on Stay alert for scams & fraud

Understanding novated leases, FBT and claims for work-related car expenses

Understanding novated leases, FBT and claims for work-related car expenses

Anovated lease is a popular way for employers to reward and incentivise their staff. Through a salary sacrifice arrangement that includes a novated lease, employees are provided with a vehicle and can also reduce their personal tax liability. However, employees … Continue reading

Posted in Tax | Comments Off on Understanding novated leases, FBT and claims for work-related car expenses

Forced to unwind your LRBA? Best to have a contingency plan

Forced to unwind your LRBA? Best to have a contingency plan

Limited recourse borrowing arrangements (LRBAs) were once all the rage in SMSF land. However, with the tightening of banking rules this frenzy has begun to abate somewhat over the last few years. LRBAs are great in a growing market as … Continue reading

Posted in Superannuation | Comments Off on Forced to unwind your LRBA? Best to have a contingency plan

Tax and Christmas party planning

Tax and Christmas party planning

Christmas will be here before we know it, and the well-prepared business owner knows that a little tax planning can help make sure there’s no unforeseen tax problems. The three benefits typically provided include: Christmas parties for employees (and perhaps … Continue reading

Posted in Tax | Comments Off on Tax and Christmas party planning

Beware Division 7A when borrowing from your business

Business owners of private companies often borrow money from their own companies for all sorts of reasons. However there is an area of the tax law that seeks to sanction against situations in which private companies dole out money to … Continue reading

Posted in Business | Comments Off on Beware Division 7A when borrowing from your business

Taxation of foreign income derived by Australian residents

Taxation of foreign income derived by Australian residents

Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any … Continue reading

Posted in Uncategorized | Comments Off on Taxation of foreign income derived by Australian residents

Is that a travel allowance or LAFHA?

Travel allowances are paid to employees where in some cases the period away from home is less than 21 days, and in others, more than 21 days. With travel allowances, typically employees are: paid standard travel allowance for accommodation and … Continue reading

Posted in Uncategorized | Comments Off on Is that a travel allowance or LAFHA?

What the proposed housing-based super contribution initiatives offer

What the proposed housing-based super contribution initiatives offer

After waiting for what seems like an eternity, the government has finally put to Parliament its draft legislation around two of its schemes. The proposed schemes, the First Home Super Saver and Contributing the proceeds of downsizing to superannuation, are … Continue reading

Posted in Superannuation | Comments Off on What the proposed housing-based super contribution initiatives offer