| 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. |
Joint Venture tax understanding for property developers in Australia Joint Venture Agreement What is a (JV) for Property Development A joint venture (JV) is a cooperative agreement between two or more parties in which all parties contribute their resources (such as...
NDIS / SDA Housing GST Considerations NDIS / SDA Typically these types of residential investment properties are built to a much higher standard, but can also attract much higher returns in the order of 10% plus compared to 5% plus you could aim for with a good typical...
National Disability Insurance Scheme What is the NDIS / SDA? NDIS The National Disability Insurance Scheme is a Federal Act developed in 2013 to allow people with a disability to exercise choice and control about matters that affect them- such as their housing....
Yes can claim the tax deduction for money spent on a RAT kit in the following cases: 1. You are required to take a test before undertaking work (e.g., as a mandatory requirement under an employer’s COVID mandate), or2. You are required to travel for work interstate...
Property Price Increases and Tax? Property Prices Increase what about taxes? Residential properties values have increased in some cases over 30% in the last year, what does this mean for owners and investors? Family Home If the property being sold is the family home...
All directors or intended directors need a DIN All directors or proposed directors within 12 months of directorships of companiescorporate associations & body corporates registered under the Corporations Act.Corporate Trustees for TrustsSMSF Corporate Trustee Need...
Yes can claim the tax deduction for money spent on a RAT kit in the following cases: 1. You are required to take a test before undertaking work (e.g., as a mandatory requirement under an employer’s COVID mandate), or2. You are required to travel for work interstate...
Have you received gifts or loans from overseas relatives? Many people in Australia receive gifts or loans from relatives overseas. As a result, it is not uncommon for the ATO to scrutinise these transactions to ensure they are genuine and not undeclared taxable income...
SEQ 2021 COVID-19 Business Support Grant – Open at Midnight 16th August 2021 Targeted Support to who? Queensland Labour State Government is targeting only businesses with unrelated staff for grant support, why? business with related staff only, may be able...
When it comes to investment property depreciation, people mostly focus on the building and what’s inside, but the outdoors can be depreciable too. It is important to know that not all landscaping is depreciable; there is a difference in how ‘hard’ and ‘soft’...
