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Claiming Work Related Expenses – Home phone, mobile phone and Internet

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If you use you use you mobile phone, home phone or internet for work purposes you may be able to claim a deduction.  To be eligible you must not be reimbursed for these expenses and must be able to support your claim. The private portion of your usage is not eligible to be deducted and… Read more »

Small Business Grants NSW

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The Small Business Grant is a key priority of the New South Wales Government. The grant is designed to encourage the nearly 650,000 small businesses in New South Wales that do not pay payroll tax to hire new employees and expand their business.

Tax law partnerships and apportioning profits and losses

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How do tax law partnerships differ from regular partnerships? A tax law partnership is defined by the ATO as an ‘association of persons (other than a company or a limited partnership) … in receipt of ordinary income or statutory income jointly’. This differs to regular, general law partnerships where income is received from carrying on… Read more »

Tribunal decisions affecting self education expense claims

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As a result of the attention placed on these claims, audit adjustments and penalties being imposed on individuals are a common occurrence.  Outlined below are two examples of cases that the ATO had adjusted and imposed penalties on the respective individuals. In both instances the individual was unable to demonstrate a sufficient nexus between the… Read more »

Resolving your Building Disputes

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Building or renovations can be a stressful time for you as you wait to see your dream home or building come to life and unfortunately things may not always go to plan. Disputes may arise between you and your builder or tradesperson. However there are a number of steps that you can go through to… Read more »

How much is my business worth?

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It’s a question we get asked all the time. To be frank, the question of how to value a business does not have a clear answer – it’s a mix of both art and science. Despite that, this article endeavours to outline some of the considerations business valuers make while plying their craft.

Working related expenses under the spotlight

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Each year the Australian Tax Office (ATO) places extra emphasis on particular areas of individual tax returns. This year the ATO will be focusing on work related expenses and claims made by owners of investment properties and holiday homes.

Taking annual leave regularly – the “win-win” scenario for employers and employees

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Most countries around the world have employment laws that mandate employers to provide a certain number of days off to their employees every year. It could be paid or unpaid vacations. However, in some countries, like the US, the law does not require employers to grant any vacation or holidays at all.

Do you receive income as an Airbnb host?

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Airbnb has become hugely popular since its emergence in California in 2008 and is now present in over 190 countries. Using apps and its website, Airbnb is able to advertise millions of properties world wide for individuals or groups seeking accommodation. Additionally, it allows property owners to rent out a portion or the entirety of… Read more »

Share Sale Vs Asset Sale

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The tax and non-tax consequences arising from the purchase of a business vary significantly based on whether the transaction was the purchase of business assets or purchase of shares/units.