Key factors for rescuing a bad debt deduction

Key factors for rescuing a bad debt deduction

It is very often the case that unpaid debts owed to a business can have a significant impact on cash flow and the ongoing profitability of a business. In a taxation context the characterisation of a particular debt as either … Continue reading

Posted in Business | Comments Off on Key factors for rescuing a bad debt deduction

Rental property owners lose some deductions

Legislation that came into law in the last half of 2017 makes a reality measures first announced with the 2017 Federal Budget. The “housing tax integrity” bill solidifies the government’s intention to deny all travel deductions relating to inspecting, maintaining, … Continue reading

Posted in Property | Comments Off on Rental property owners lose some deductions

When refinancing, loan interest can be deductible to a partnership

When refinancing, loan interest can be deductible to a partnership

A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of … Continue reading

Posted in Business | Comments Off on When refinancing, loan interest can be deductible to a partnership

Expanding the empire (and retaining the CGT main residence exemption)

A question that surfaces now and then in regard to capital gains is whether the main residence exemption extends to additional land acquired after the time of acquisition of the residence. The short answer is yes — provided that certain … Continue reading

Posted in Tax | Comments Off on Expanding the empire (and retaining the CGT main residence exemption)

Can an SMSF invest in property development?

Can an SMSF invest in property development?

The ATO has been sending some mixed messages about property development involving an SMSF, and has indicated that it is one of the issues on its radar for 2018. So is property development an allowable investment for an SMSF? The … Continue reading

Posted in Superannuation | Comments Off on Can an SMSF invest in property development?

ATO spells out its big FBT concerns

March 31 and the end of the FBT year is around the corner, so to help taxpayers get things right, the ATO has made public the fringe benefits tax issues that attract its attention. Broadly (not just in relation to … Continue reading

Posted in Tax | Comments Off on ATO spells out its big FBT concerns

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