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Crowdfunding and tax

Crowdfunding and tax

October 4, 2018

Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or help your neighbor initiatives. But increasingly these days crowdfunding is viewed as a viable source of seed capital, and is no longer regarded as the shy little sister of venture capitalism.…

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Get a clear view with a private ruling

October 4, 2018

There have been cases where people believe the idle talk about being able to coerce a better tax outcome simply by applying for a private ruling from the ATO. But there are some sober facts that you may need to keep in mind if you have thought of it yourself. Any taxpayer can apply for…

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Changing details in your tax return after it’s lodged

October 4, 2018

Say for example that we have already lodged your 2017-18 tax return and forwarded your notice of assessment to you saying that everything is as discussed, but you then realise that something has been left out of your return, or you accidentally included an extra deduction or doubled one up. There’s no need to panic…

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Personal services income: An overview

October 4, 2018

It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company. The allure of course is the lower tax rate that these can secure, rather than at the top marginal tax rate that an individual would generally wear.…

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Self employed you could claim a deduction for saving for your retirement

Self-employed? You could claim a deduction for saving for your retirement

September 11, 2018

A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super. Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an employer, you were rendered ineligible to claim any tax deduction for…

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Shares and tax a stockmarket investment primer

Shares and tax: A stockmarket investment primer

September 11, 2018

Investing in the stockmarket is a lot more common than it was years ago, with ordinary Australians having experience with shares and the stockmarket either directly or through managed funds or via their superannuation fund. Recent research conducted by the Australian Securities Exchange (ASX) found that around 60% of Australians hold share investments outside of…

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Change in creditable purpose for GST reporting purposes

Have you had a change in creditable purpose for GST reporting purposes?

September 11, 2018

Sometimes your business may end up using an asset you purchased, such as a property for example, in a way that is different to what you had originally planned. It pays to remember that if you claimed GST credits for assets that have had their intended use change from that originally planned, you need to…

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Will new LRBA rules stymie your SMSF contribution plans

Will new LRBA rules stymie your SMSF contribution plans?

September 11, 2018

An “integrity” measure, which aimed to stop SMSF trustees from manipulating their total superannuation balance in order to keep below the $1.6 million threshold, may have the unintended outcome of reducing the appeal of LRBAs. Legislated changes to limited recourse borrowing arrangements (LRBAs) in regard to calculating an SMSF member’s total superannuation balance (TSB) amends…

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Apportioning GST annually for business and private purchases

Apportioning GST annually for business and private purchases

September 11, 2018

The general case regarding GST credits is that business owners can claim input tax credits relating to eligible business expenses when you lodge your business activity statement (BAS), which may be monthly or quarterly. However it is not unusual for business owners to occasionally make purchases that contain a private use component. Where expenses are…

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Lodgment rates and thresholds guide 2018-19

August 16, 2018

Lodgment rates and thresholds guide 2018-19 To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current gross-up…

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