If you are building a new home or repairing an old one, there is a concession that allows you to extend the period when you are able to claim the main residence CGT exemption, even if you are not living in that dwelling, if circumstances are right. And as there still seems to be lingering confusion on the $20,000 small business pool write-off, we run over all the details.
The cut to the small company tax rate is welcome, but there is a dividend franking implication that you need to keep an eye on. We also briefly explain what “adjusted taxable income” is, and survey the tax landscape from a cyber security point of view.
2015-12 – MBS Monthly Update.pdf
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)
Everyone likes end-of-year Christmas parties, but there’s no reason to rack-up a tax bill while celebrating. We list five tips to keep the fun tax-free. And while getting a valuation is sometimes necessary, you need to make sure there are no negative tax outcomes.
Like everyone, company directors have responsibilities. The potential problem for directors however is that they can be held personally liable. We run over the rules. Also this month we look at the circumstances that allow a deduction for the fees paid for training courses, the reality of bracket creep and tips to reduce the impact, and the necessary steps you need to take when winding up your SMSF.
2015-11 – MBS Monthly Update.pdf
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)
This is our special 2014-15 Lodgment, Rates and Thresholds newsletter which contains comprehensive tax rates and thresholds as well as lodgment due dates for the current tax year.
2015-10 – MBS Monthly Update [2015-16 lodgment rates and thresholds].pdf
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)
If you haven’t heard of the “sharing economy” yet, it could be time to start to get familiar with this “new way of connecting buyers (users) with sellers (providers)”. Services like Uber, Airbnb, AirTasker and MenuLog are all in the Tax Office’s sights to ensure these new forms of business pay their full share of tax.
We also run an eye over various rental property claims that continue to be misunderstood, look at the Tax Office efforts to match credit card data with declared income, and spell out the more common traps that SMSF trustees can still fall into. We also reveal a handy tip about claiming a portion of professional association membership costs, even after retirement.
There are certain tax breaks made available to the small business sector that every small business owner should know about, so we spell out what is available. We also look at how the tax system treats children’s income, spell out the top tax mistakes that small businesses keep making, and discover that there is such a thing as a deductible cup of tea.
2015-10 – MBS Monthly Update.pdf
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)
