End of Financial Year Business Tax Return Basics

With the recent announcement and discussion of the new federal budget, it is time for business owners to get ready for the 2015 tax return and begin tax planning for the future. The following are essential tasks for you undertake at the end of financial year. Learn more »

Artwork and Collectables owned by SMSF’s – Be aware of potential breaches and penalties

While these rules apply for all collectables acquired from 1 July 2011, collectables already held in an SMSF as at 30 June 2011 were given a five year transitional period to comply. That five year period ends on 30 June 2016. Learn more »

Top Tax Deduction Tips for Maximising your Business Tax Return

Most income your business receives is assessable income – which means you need to declare it and it’s subject to tax. You can claim tax deductions for most costs you incur in running your business but there are exceptions. For example, you cannot claim deductions for private or domestic expenses. Entertainment, fines and some other expenses are also specifically excluded. Learn more »

Family Provision Claims and its Impact on Testamentary Discretionary Trusts

Testamentary discretionary trusts have become increasingly popular due to the various benefits it provides. One of the benefits is that it provides the testator a measure of control over their assets after death. Another benefit is that due to the control given to a trustee of a discretionary trust over the distributions they have the ability to allocate trust income in a tax efficient manner. Learn more »

How to Avoid Tax Shocks

Effectively managing your tax affairs can help avoid tax shocks. Australia’s income tax system is based on self-assessment. This means that information you provide to the ATO is initially accepted as being true and correct when you lodge your tax return and other forms on which you disclose your tax liability. These forms may include activity statements and pay as you go (PAYG) instalment statements.

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8 Strategies for Long Term Investment Properties

Buying long term investment properties is one of the most popular investment strategies for Australians, and has been for some time. A good investment can create ongoing cash flow, improve your wealth, bolster your assets and reward you with long term financial security. There is a flip side though, and a long term investment in properties made without enough knowledge or forethought can become a drain on your finances. Whether you’re an old hand at property investment or thinking of taking the plunge for the first time, here are eight strategies for long term investment properties to help out.

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What is the future of the Accounting Profession?

The Small Enterprise Association of Australia & New Zealand (SEAANZ) is a not-for-profit company which focuses on research, education, policy and practice in the field of small to medium enterprise and entrepreneurship. It organises annual conferences to discuss all aspects of business operations of small to medium enterprises. Learn more »

Who should be the Settlor of a Family Trust?

In the event that a trust is created by way of settlement, it is recommended that a settlor should be a person who is not related to any of the beneficiaries, due to the application of s 102 of the ITAA 1936. Section 102 specifies the circumstances in which the Commissioner may hold a trustee liable to pay tax at the settlor’s marginal rate of tax. Learn more »

What is an Informal Will?

For a Will to be valid in New South Wales it must satisfy a number of formal requirements set out in legislation. However, a document may still be considered a person’s final Will even if it fails to comply with formal requirements (“informal will”). Learn more »

Are they contractors or your employees?

It is important to correctly determine whether your worker is an employee or a contractor as different rules by different regulators apply to both. For example, the tax and superannuation obligations that are applicable to your worker are dependent on whether they are considered an employee or a contractor.
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