|Using Business Assets Personally
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.
Changing Business Structure
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 – Binding & No-binging death benefit nominations?
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.
Business Succession Plan
And speaking of legacies, every successful business owner should ideally have a succession plan in mind.
|Travel Expense & Living Away From Home Allowance?
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.
|Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.|
The ATO is particularly targeting property investors that are not using the help of a specialist property tax accountant like Umbrella Property Accountant, due to the high error rate being discovered from ATO Audits. The ATO Audits into self-preparers have uncovered...