News

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…

Read more
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…

Read more
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…

Read more
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…

Read more
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…

Read more
Super downsizer scheme common errors

Super downsizer scheme: common errors

November 8, 2019

The super downsizer scheme started on 1 July 2018 and has allowed older Australians to sell their homes and contribute up to $300,000 of the proceeds from the sale into super. Recent figures from the ATO show that more than 5,000 people Australia-wide have made this type of contribution, with 55% being made by females.…

Read more
An SMSF trustee duty not to be forgotten the investment strategy

An SMSF trustee duty not to be forgotten: The investment strategy

November 8, 2019

Photo by Michał Parzuchowski on Unsplash The majority of people who set up their own SMSF say that “control” is a big reason for doing it. There is flexibility and benefits in running your own superannuation fund, but it is also a big responsibility to make sure your fund grows and provides for your retirement.…

Read more
Small business Low cost assets the threshold rule

Small business: Low-cost assets & the threshold rule

November 8, 2019

Photo by Pawan Kawan on Unsplash There is a rule in the tax law that allows a business that doesn’t use simplified depreciation to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets. Known as the threshold rule, this can help small business owners save time as well,…

Read more
Three wise FBT tips for Christmas

Three wise FBT tips for Christmas

November 8, 2019

Photo by Brigitta Schneiter on Unsplash Employers know that popping a champagne cork or three to celebrate the festive season lets staff know their efforts are appreciated, but the well-prepared business owner will also know that a little tax planning can help ensure that it’s not the business that ends up with the FBT hangover.…

Read more
CGT when spouses have different main residences

CGT when spouses have different main residences

October 1, 2019

It can sometimes be the case that spouses can have different main residences at the same time. When this occurs, special CGT rules apply to in effect provide only one CGT main residence exemption over this period. However, important decisions and choices may need to be made to optimise the tax outcome in this case…

Read more