If you have the unfortunate consequence of having a tax debt, there are certain steps that can be taken to help ease the pain. We look at the relief available.
Sometimes a valuation is necessary for tax purposes, but there are various ways to go about getting one. There are similarities also in getting deductions right — especially if these deductions are in relation to home office claims.
The ATO has spelled out the areas of SMSF compliance it will be focusing on for the 2016-17 income year. We run over the hot spots.
Download Link: November 2016 Tax and Super News
A recurrent topic of inquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims for that travel. We unravel the complexities.
A start-up business is going to have to make a decision about the type of structure most suitable for their enterprise. But we also look at when a business ends, and the delicate topic of liquidation and what needs to be done when winding up a business.
The latest government announcements regarding superannuation are also dissected to see where SMSF trustees may be able to prepare for the future.
Download Link: October 2016 Tax and Super News
The small business community welcomed the government’s $20,000 instant asset write-off initiative from the last federal budget, but there is an added bonus hidden in the legislation that could open up the valuable deduction to a wider tax-paying cohort than just small business entities. We explain.
We also look at legal expenses that are allowable deductions, where interest on a loan taken out to pay a tax debt may be able to be claimed, and in a similar vein when refinancing a partnership can open up a deduction opportunity.
And if you are considering setting up your own self-managed superannuation fund, we run over the considerations you really need to pay attention to.
Download Link: September 2016 Tax and Super News
It takes more than gumboots and a kelpie to qualify for some of the tax concessions available to primary producers, so we look at where hobby farms stand with regard to tax. And if you rent a portion of your home, there are certain things you will need to remember for your tax records.
Are you an SMSF trustee and heading offshore for an extended period? There are certain steps you will need to be aware of to keep your fund compliant. We also run over the tax and deduction consequences of volunteering, and even list some favourable ideas to keep in mind for when your tax refund is credited to your account.
Download Link: August 2016 Tax and Super News
Property investors may be missing out on some valuable depreciation items (and did you know sometimes even the humble garden gnome can qualify), so we run over the sorts of assets you may be able to include.
We also look at what is on the taxman’s radar relating to work deductions this Tax Time, and also run over what you might need to bring in to your appointment if we’re completing your 2015-16 tax return.
Download Link: July 2016 Tax and Super News