Top 7 Tax Tips for Investors
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Top 7 Tax Tips for Investors The end of the financial year is not all that far away. To help you to prepare for tax time, we provide our top 7 tips for your 2019-20 tax return. This list is not exhaustive, and we will need to review the items in light of […]
Effective Tax Planning Strategies
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Effective Tax Planning Strategies With the end of the financial year fast approaching there are several approaches that businesses may effectively utilise to reduce their taxes. Pre-pay expenses Expenses such as insurance, rent and subscriptions to professional associations for the coming year can be paid up to 12 months in advance. These pre-paid […]
Land Tax Relief for Property Owners and Businesses
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Land Tax Relief Most States/territories have announced land tax relief measures to support landowners and tenants through the COVID-19 pandemic. The relief package offers a waiver or reduction of land tax liability for eligible property owners and tenants who have experienced financial hardship due to COVID-19. Victoria you may be eligible to defer […]
Rental (passive) income and ‘carrying on a business’ for JobKeeper eligibility
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Rental (passive) income and ‘carrying on a business’ for JobKeeper eligibility When assessing eligibility for JobKeeper assistance, the first question that must be answered is whether the entity was carrying on a business as at 1 March 2020. This question is of particular relevance to entities that have solely or predominantly rental income (other […]
Planning tool to help businesses reopen
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] PLANNING TOOL TO HELP BUSINESSES REOPEN The government’s National COVID-19 Coordination Commission (NCCC) has released an online planning tool to help businesses develop a plan to keep their workers, customers and the community safe as they reopen or increase their activities in the weeks and months ahead. The NCCC tool, in the form […]
Security online more important than ever
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Security online more important than ever Communication over an online channel has certainly become the default these days, and dealing with the ATO is no exception. In fact the transition to online has plainly been developing over some years. More and more transactions and interactions are taking place, for example, over the government’s […]
Here’s what attracts the ATO’s attention about luxury car tax
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Here’s what attracts the ATO’s attention about luxury car tax The ATO has announced that it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required. Common errors […]
Early release from super a relief, but comes with risks
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Early release from super a relief, but comes with risks The government is allowing the early release of superannuation and a temporary reduction in minimum pension drawdown rates to help individuals deal with the adverse economic effects of COVID-19. Retirees watching their savings go down amid volatile markets will no doubt welcome the […]
Finalise STP Data for 2019/20
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Finalise STP Data for 2019/20 The ATO has issued a reminder to employers who report through Single Touch Payroll (‘STP’) – which should be all employers, unless an exemption or deferral applies – that they will need to finalise payroll information for the 2020 income year by making a declaration. The due date […]
Answers to COVID-19 work-from-home expense questions and CGT concerns
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Answers to COVID-19 work-from home expense questions and CGT concerns There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period – plus a lot of concern about any consequent capital gains issues when later selling a property from which people have been coerced […]