Even though the current financial year is winding up, don’t assume that your 2015-16 tax outcome is set in concrete just yet — there are still some legitimate tax planning strategies that can help us help you not pay a cent more tax than you have to. In the same vein, we also list the top 7 tax tips for investors.
SMSF trustees come in two flavours — corporate or individual. Deciding which is best for your retirement savings outcome requires careful consideration, so we have run a ruler over each. We also look at trust essentials, and explain the government’s Restart wage subsidy program that’s available for businesses.
Download Link: June 2016 Tax and Super News
May Federal Budget 2016
This year’s federal budget has a few sweeteners, but not so much that will turn anyone hyperactive. The welcome news is that the turnover threshold for classifying a “small business entity” will increase from $2 million to $10 million. The devil however is in the detail.
Disappointingly, the current $2 million turnover threshold will be retained for access to the highly valuable small business CGT concessions, while access to the small business discount for unincorporated businesses will be limited to a $5 million turnover threshold. This will undoubtedly create an administrative headache, but be assured that we are here to help you manage this.
Download Link: May Budget 2016 Tax and Super News
While a lot of the benefits a business can provide to employees will bring an FBT liability with them, this is not the case for every benefit. We look at what you can consider that are also FBT-free. And if staff are looking to salary package, we also run over the possibilities.
Have you already lodged a BAS but forgot to include an item? Don’t panic. There are ways around it, and we can help. We also consider the tax implications that can arise through making claims on a holiday house, and raise the delicate topic of cognitive decline among older SMSF trustees.
Download Link: May 2016 Tax and Super News
While your business might own some tempting assets, be careful when making use of these for your personal enjoyment, as this could trigger a tax liability. And if you are considering changing the structure of your small business, a new measure means you might in certain instances no longer trigger CGT.
SMSF trustees note; it is essential that you know the difference between a binding and a non-binding death benefit nomination, so we run over what these mean. And speaking of legacies, every successful business owner should ideally have a succession plan in mind.
We also look at travel expense claims, how these differ from the living away from home allowance, and also how the ATO is getting help from insurance companies to uncover undisclosed wealth.
Download Link: April 2016 Tax and Super News
With the fringe benefits tax (FBT) season looming, it will pay to be reminded that FBT liabilities can also arise due to third party involvement. We underline the factors to keep watch over.
And with the ATO being ever vigilant on the characterisation of income, we also spell out where care needs to be taken regarding income you receive for providing “personal services”.
Thinking of transitioning your enterprise from operating as a sole trader to join the ranks of incorporated businesses? There’s more involved than just opening another bank account, and there are important taxation differences to keep in mind.
We also look at the difference between “repairs” and “maintenance” when it comes to claiming deductions on your rental property, and take a look at the conditions of release that must be satisfied if you’re ready to access your super savings.
Download Link: March 2016 Tax and Super News
Claims for vehicle use remain one of the most popular for a huge number of taxpayers, but recent tweaks to both the compliance regime and the provisions for making such claims means that correct record keeping is essential. And as doing business online is becoming even more pervasive, it’s just as well the Tax Office has provided guidance on claiming relevant costs for setting up a website.
Trustees of SMSFs continue to make use of limited recourse borrowing arrangements (LRBAs), but there are important considerations, and warnings, to be aware of before you jump in. We also look at an FBT-free commuting alternative, and remind certain taxpayers that the special zone tax offset they may have previously claimed may no longer be available.
Download Link: February 2016 Tax and Super News