How is Cloud Accountancy benefiting businesses
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] How is Cloud Accountancy benefiting businesses In recent years, cloud accounting services have become a more commonplace as businesses gradually adopt the technology. In most ways, cloud-based accountancy software is like traditional software, with the key difference being that it is hosted by remote servers. This means that all data is stored off-site, […]
Managing tax disputes can be like wrestling with a superhero
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Managing tax disputes can be like wrestling with a superhero It is sometimes said that a superhero like the DC Comics character Superman can be an uninteresting character because he is, for all practical purposes, indestructible. Critics have said the knowledge that he will most likely win can make Superman’s adventures monotonous. A […]
Unpacking statute-barred debts
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Unpacking statute-barred debts Various tax implications can arise when a debt becomes statute-barred. So what is statute barring and when can it be a problem? In simple terms, a debt is statute-barred when it has reached a statutory limitation period where it can no longer be legally recovered by creditors. Specifically, each state […]
The proportioning rule and your SMSF: it’s all about balance
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] The proportioning rule and your SMSF: it’s all about balance When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in […]
Builders: Get your taxable payments report ready before August 28
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Builders: Get your taxable payments report ready before August 28 Businesses in the building and construction industry, take note – the deadline is August 28, 2018 to report the total payments you made to each contractor you enlisted the services of in 2017-18. You will need to report these payments to the ATO […]
Look Before You Leap with Testamentary Trusts
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Look Before You Leap with Testamentary Trusts A testamentary trust works in tandem with a will, and is similar to a discretionary trust, with the major difference being it only takes effect upon the death of the person who made the will. The trust can be funded by some or by all of […]
Franchise businesses and tax
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Franchise businesses and Tax The Australian Competition & Consumer Commission (ACCC) is the government body responsible for enforcing the Franchising Code of Conduct, and if you or someone you know are considering entering into a franchise arrangement, this will probably be a good starting point to get an idea of what to expect. […]
Superannuation contributions ‘work test’ for over 65s
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Superannuation Contributions ‘Work Test’ for Over 65s Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying the “work test”. The work test requires a member to have been gainfully employed for at least 40 hours in […]
Interest deductibility after income-producing activity ceases
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Interest Deductibility after Income-producing Activity Ceases An issue that sometimes arises for business owners is whether interest expenses incurred on borrowed funds used in a business remain deductible after the business’s income earning activities have ceased. As a general rule, in order for interest expenses to be deductible in the relevant income year, […]