How to Kick Some Business Goals this New Financial Year - 29th June 2017

The start of a new financial year is the perfect time to dust off last year's business plan and set some new goals for the future.

These tips can help you get started brainstorming how your company can plan for greater success in the years ahead.

Read More

Unexpected Extra Tax to be Levied on Trusts - 13th June 2017

When the then NSW Treasurer, Gladys Berejiklian, delivered her Budget speech on 21 June 2016, she introduced a new foreign investor surcharge on both stamp duty and land tax on residential real estate. The intention was to take the heat off the property market and to raise $1bn. 

Read More

End of Year Tax Planning Tips for Business - 7th June 2017

The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious - rent, materials, supplies and so on - but there are also some less obvious options left available just before the end of the income year, should your circumstances suit, to further reduce your enterprise's tax burden for the year.

Read More

What is a Tax Loss and How Can it be Turned to Good Use? - 7th June 2017

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year. 

If you operate a business that makes a loss you can generally carry forward that loss and claim a deduction for it in a future year. If you're a sole trader or in a partnership, you may be able to claim business losses by offsetting them against your other personal income (such as investment income) in the same income year.

Read More

Commutation Requests and ATO reviews: What You Need to Know Before June 30 - 5th June 2017

In a recently released practical compliance guideline, the ATO sets out its administration approach in relation to super fund commutation requests. It is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review.

Read More

Penalty Unit Increase: 30 More reasons to Make Sure Your Tax Outcome is Right - 5th June 2017

A piece of legislation that recently made its way through Parliament means that come July 1, misdemeanors committed by errant taxpayers will become a lot more costly.

Read More