Monthly Update [October 2021]

Compensation payments: Avoiding contribution issues 2021 has been, even more so than 2020, the year of workingfrom home for so many of us – but what are the tax implications of using yourhome as a place of business? Turn to page 3 of our October newsletter to findout. On the subject of homes, we also […]

Monthly Update [September 2021]

On the road: How to treat work-related travel and living away from home costs This issue contains the following articles: How to treat work-related travel and living away from home costs; SMSFs and property development – emerging risks; Claiming GST credits for employee reimbursements; Buying a new house before selling the old one; Trust distributions […]

Monthly Update [August 2021]

In this month’s edition With reforms to superannuation – including for SMSFs – on the horizon, our leading article covers what’s coming, including more accountability for funds and flexibility for super holders. We’ve got two articles to help you understand how trusts work: ‘Trust distributions’ goes through the different roles involved in a trust, while […]

Monthly Update [July 2021]

Avoid common mistakes in your business return, and include appropriate income The ATO has seen a lot of mistakes being made on business tax returns over the years, but has kept a record of these so we can all learn from other people’s errors. Laundry expenses can be a legitimate tax deduction, but claims need […]

Monthly Update [June 2021]

The tax treatment of cryptocurrency Bitcoin and cryptocurrencies have had a bit of a resurgence, which may even have something to do with the pandemic. But the implications for your tax outcomes is something even the ATO is wary about. We also look at “personal services income” and the ATO’s refreshed guidance, the qualifications that […]

Monthly Update [May 2021]

EOFY tips for your tax plan It’s getting very close to the business end of the financial year, so we have gathered some tax planning tips that could set you up for a better tax outcome. And as that outcome can be ruined by having to deal with an excess super contribution charge, we look […]

Monthly Update [March 2021]

Update your ABN or miss out! Government agencies sometimes use ABN registration to contact businesses for emergency help or even grants of support, so it’s important to keep your business’s ABN details current. And the perennial problem of dealing with cash flow gets some advisory help from the ATO. A new Director Identification Number regime […]

Monthly Update [February 2021]

JobMaker hiring credit: What you need to know One of the economy-boosting measures initiated to help in a post-COVID recovery is the JobMaker scheme. We run over what you need to know. And especially for this time of year, we look at tax and dealing with natural disasters.  Getting a valuation is sometimes required when […]

Monthly Update [December 2020]

A run-down of the new loss carry back measure The loss carry back measure introduced in the 2020 Federal Budget can be a very helpful COVID-recovery option. We run over the details. But if the COVID wash-up means you need to call time-out on your business, there are some important facts to know here as […]

Monthly Update [October 2020]

Federal Budget 2020-21 We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty. Extensions to the tax rate thresholds will give millions of taxpayers on lower incomes a much-needed boost after a very challenging […]