The end of the financial year is nearly upon us meaning it’s tax time once again. In order to help you prepare for the new financial year, we have put together 25 tax tips to consider before June 30 2016. Our tax tips have something for everyone; so if you’re looking...
Recently the ATO increased focus on rental property deductions. You can claim expenses relating to your rental property but allowable deductions cannot be claimed in relation to a rental property unless the property is held for rental (genuinely available for rent) or...
A business’ liability for payroll tax is outlined in the Payroll Tax Act 2007 (NSW). As it is a state tax it is regulated and collected by the NSW Office of State Revenue (OSR) and not the Australian Tax Office (ATO). Payroll Tax threshold Payroll tax is applied to a...
Division 7A is an integrity measure aimed at preventing private companies from making tax-free distributions of profits to shareholders (or their associates). In case where the Division 7A has been breached, the improperly distributed profit is deemed to be assessable...
The CGT Small business concessions may reduce or eliminate a taxable capital gain a taxpayer makes when a CGT event happens in relation to a CGT asset. Discretionary Trust Key Points In order to access any of the small business concessions (SBCs), a taxpayer must...
As part of the 2014-15 Federal budget the Government announced that it will impose a Temporary Budget Repair levy of 2% on that part of a person’s taxable income which exceeds $180,000. The legislation for this has passed Parliament and the levy now applies to...
