The 2014-15 financial year is drawing to a close, and tax preparation is once again the golden phrase. To assist you in the confusing end-of-financial-year period, we’ve prepared a series of tax checklists that will put you on the right track and point out your obligations.
You’ll also find a wealth of tips and strategies you can apply to make sure you pay the right amount of tax for this financial year.
Are you currently working from home or considering a home-work operation? We explain the tax implications, including depreciation and occupancy deductions.
Download Link: June 2015 Tax and Super News
May Federal Budget 2015
This year’s federal budget in many ways lived up to its hype. It was mostly a dull and boring affair – but there were some surprises.
Small business owners have plenty to smile about. The 1.5% tax rate cut has been confirmed, but it’s also been extended to unincorporated small businesses to the tune of 5%. They’ll also get an immediate deduction for all individual assets they have costing less than $20,000.
Employee Share Scheme rules have been simplified, as have car expense claim deductions. But pension thresholds have been extended and part pension taper rates tightened.
Download Link: May Budget 2015 Tax and Super News
Business pressures often see employers rationalise operations, which give rise to termination payments. But these can be far from straightforward from a taxation perspective. We spell out the complexities.
Another complex area for businesses centres on the characterisation of staff as employees or contractors, especially with regard to obligations for the Superannuation Guarantee and PAYG withholding.
Are you a resident or non-resident for tax purposes? It may seem like a simple conclusion to draw, but for the taxman the answer may not always be so clear-cut. We look at the differences, and the advantages and disadvantages of each tax status. We also touch upon what “robo” advice will mean for SMSF trustees, and whether you can claim GST credits for reimbursing an employee for an expense.
Download Link: May 2015 Tax and Super News
Each year the Tax Office gains access to more records stored on the databases of financial institutions and other organisations, and can use this information to ensure taxpayers’ reporting obligations are up to scratch. This time the Tax Office is looking at people who have sold items online.
Landlords will sometimes offer incentives to entice tenants into a lease, but the tax treatment of such incentives varies, depending both on the incentive on offer and who is receiving it.
We also look at the proposed “Single Touch Payroll” initiative planned for businesses in the near future, the particular problems that SMSFs face when splitting assets upon divorce, and a new online tool that can reunite you with any misplaced superannuation savings.
Download Link: April 2015 Tax and Super News
The FBT year is fast coming to a close, so a run-down on the basics seems warranted. And remember, the FBT rate goes up on April 1. Also looming on the horizon is the July 1 deadline for all businesses (not just those with more than 20 staff) to adapt their systems to be SuperStream compliant.
Undertaken some self-education courses to improve your outlook? Some of the expenses in doing so can count towards a handy tax break – if there is a connection between your studies and the income from your current employment.
We also take a practical overview of the steps taken to work out any CGT liabilities, and go over the proposed changes planned for employee share schemes.
Download Link: March 2015 Tax and Super News
Different areas of the nation have already experienced bushfire, and summer hasn’t finished with us yet. With natural disasters like fires and floods, the last thing anyone affected needs is problems with the Tax Office. There have therefore been put in place some protocols to help taxpayers through such difficult times.
With SMSFs continuing to gather strength, the weight of the sector’s large investment holdings of certain asset classes is starting to be felt. Property continues to be the focus of a lot of SMSF trustees. We look at some salient tips – and point out some traps – about SMSF real estate investment.
Also covered in this month’s newsletter is the tax implications of having a debt “forgiven”, the concessionary treatment available to certain professionals, known as “income averaging”, steps a partnership can take to smooth the transition, tax-wise, when a partnership business changes its makeup, and the common myths surrounding the contractor-vs-employee conundrum.
Download Link: February 2015 Tax and Super News