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Tax issues when dealing with volunteers

Tax issues when dealing with volunteers

February 4, 2020

Photo by Anna Earl on Unsplash From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there…

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Succession planning for family businesses

Succession planning for family businesses

February 4, 2020

Photo by Photo by Sabine van Straaten on Unsplash For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include…

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Distributions from a discretionary trust

Distributions from a discretionary trust

February 4, 2020

Photo by Wesley Tingey on Unsplash Distributions from trusts and the taxation of those distributions can be complex. This is an attempt to simplify the topic. The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from…

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First Home Super Saver scheme

What you need to know about the First Home Super Saver scheme

February 4, 2020

Photo by Sandy Millar on Unsplash The First Home Super Saver (FHSS) scheme was introduced a couple of years ago with an aim to reduce pressure on housing affordability. The scheme allows eligible taxpayers to save money for their first home inside the superannuation system. The government says this concessionally taxed environment will help first…

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Superannuation tax offsets you may be able to use

Superannuation tax offsets you may be able to use

February 4, 2020

Photo by Patrick Tomasso on Unsplash Tax offsets (sometimes referred to as rebates) directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax payable to zero, but on their own they can’t get you a refund. There are two superannuation-related tax offsets for which you may be…

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E invoicing is on its way

E-invoicing is on its way

December 2, 2019

Photo by Clay Banks on Unsplash Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow. The headline above may give the impression that electronic invoices are a futuristic concept, but of course even today there is a version of e-invoices – think PDFs and…

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Personal services income explained

Personal services income explained

December 2, 2019

Photo by Element5 Digital on Unsplash The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the individual in their own name or through an entity such as a business. The rules do…

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CGT CONCESSIONS Does your business qualify

CGT CONCESSIONS: Does your business qualify?

December 2, 2019

Photo by Ashley Batz on Unsplash Wondering if you’re eligible to claim the small business CGT concessions can be settled by answering a few basic questions. In addition to the capital gains tax (CGT) exemptions and rollovers available more widely, there are four additional concessions that allow a small business to disregard or defer some…

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If you’re in business you need to know about the PPSR

If you’re in business, you need to know about the PPSR

December 2, 2019

Photo by Matthew Waring on Unsplash There is a simple step that many businesses can take to better manage the risk that can attach to certain assets. Not so many years ago, a new scheme was introduced, which also established a national register, that could affect anyone who answers “yes” to any of the following…

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Lost or destroyed tax records Dont panic

Lost or destroyed tax records? Don’t panic.

November 8, 2019

Photo by Gift Habeshaw on Unsplash Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the same…

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