Interest expenses on money borrowed to buy business assets can be deductible. However there are also circumstances, allowed under tax law, where deductions are still available after the relevant asset is disposed of. We run over the details.
We also look at the “work test” required for super contributions to be made for those over the age of 65. In this issue of your newsletter we also deal with tax and franchising, the basics of testamentary trusts, and have a quick quiz (with answers) on business deductions.
2018-05 – 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)
There’s been a lot of buzz about bitcoin lately, so we thought it timely to run over the ins and outs of cryptocurrencies. Another phenomenon of the modern marketplace is the sharing economy, but care needs to be taken when dealing with businesses carried on via sharing platforms to ensure there are no hidden tax traps. We use Airbnb as an example.
Back on more familiar territory, we also run over the many rules and requirements when making commutation requests for your retirement income. And as buying online from overseas is so prevalent these days, we also take a quick look at related costs such as customs duties.
2018-04 – 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)
There’s a hidden danger lurking within the FBT rules that business owners should keep an eye on. Where a third party supplier is generous enough to include your employees, there’s a very real possibility that this could trigger a tax liability for that business. We run over this and other quirks of the FBT regime.
We also look at the need for valuations for SMSF assets, the looming Single Touch Payroll
requirements, as well as when or if a business can use simplified trading stock rules.
2018-03 – 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)
For a business owner, the issue of bad debts can be bittersweet — yes you’ve missed out on revenue, but at least there’s some tax relief. We look at the conditions necessary to access such consolation. On another financing matter, we touch on the particular considerations necessary when refinancing a partnership.
Property investors have recently lost eligibility to certain deductions, so we run over what’s changed. And also in the real estate arena, consideration is given to property development undertaken via an SMSF, as well as retention of the main residence CGT exemption where the land on which a primary residence sits expands through acquisition.
2018-02 – 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)
Recent legislative changes mean that SMSF trustees need more than ever to stay aware of the value of assets, and makes the forced unwinding of an LRBA a more real possibility for many. We run over the practical aspects.
We also look at the top 10 tax mistakes that rental property owners can make, pick apart where car expenses stand in relation to novated leases, and clarify when (and where) the concept of “entertainment” sits with regard to the deductibility of certain events to a business.
2017-12 – 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)
As it’s getting ever closer to the festive end of the year, we thought it prudent to run over the rules regarding Christmas parties and FBT. And borrowing money from a private company, even if it is your own business, can have serious pitfalls if not carried out correctly, so we look at the dangers of “Division 7A”.
There’s also an important distinction you may need to know between a travel allowance and the living-away-from-home allowance. We also look at how Australians are taxed on income that comes in from overseas.
2017-11 – 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)
There were a couple of housing-based superannuation contribution proposals contained in this year’s Federal Budget, for which draft legislation has finally been tabled. We run over the finer details that have been revealed.
And if you or anyone you know has considered driving an Uber car to earn some extra income, we have some essential information that you need to understand. However if you are already a higher income earner, note that a certain income threshold has recently dropped (by $50,000!) that may catch a lot of taxpayers unexpectedly.
We also look at immediate deductions for start-up businesses, and go over the car parking FBT exemptions for small business.
2017-10 – 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)
This is our special 2017-18 Lodgment, Rates and Thresholds newsletter which contains comprehensive tax rates and thresholds as well as lodgment due dates for the current tax year.
2017-09 – MBS Monthly Update [2017-18 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)
The small business CGT concessions can be extremely valuable, but sometimes the complexity of the details can be confusing. We clear up some of the more obscure factors.
The rules around LRBAs for SMSF trustees have been fiddled with again, and necessitate (again) a look at the fine print. There is also a new statistical report on SMSFs that trustees should be glad to read.
Also dealt with are the differences between investment returns being on revenue or capital account, and what to do if you need to lodge your next tax return early.
2017-09 – 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)
Making claims for travel allowances is a handy deduction for many employees, especially as the ATO has seen fit to make an exception to substantiate these claims in many circumstances. However this consideration comes with a warning — get it right, or lose that exception. We run over the particulars.
Did you know that there are deductions that are specific to SMSFs? As usual however, there are conditions. We also look at deductions available for financing rental properties, the interaction between the new super transfer balance cap and child recipients of death benefits, and a tax break available for life policy bonuses held for a certain time.
2017-08 – 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)
