(02) 9387 4300 , Level 16, Westfield Tower 2, 101 Grafton Street, Bondi Junction NSW 2022 AUSTRALIA
Accounting & Tax

  • Simpler BAS for small businesses

    Simpler BAS for small businesses

    The ATO have introduced a simpler BAS to take effect from 1 July 2017 to help reduce GST compliance costs for small businesses. From 1 July 2017, small businesses will only need to report GST on sales (1A); GST on purchases (1B) and Total sales (G1) on their BAS. Businesses will no longer need to […]

  • ATO issues ruling on bad debts

    ATO issues ruling on bad debts

    The Australian Taxation Office (ATO) has issued a ruling that clarifies the circumstances in which a deduction for bad debts is allowable. Under section 63 of the Act, to obtain a bad debt deduction a debt must exist before it can be written off as bad. A debt exists where a taxpayer is entitled to […]

  • CGT exemptions for depreciating assets

    CGT exemptions for depreciating assets

    The disposal of a depreciating asset may incur capital gains tax (CGT) if the asset has been used for a non-taxable purpose (i.e. private purposes). However, there are a number of CGT exemptions that may apply to a capital gain or capital loss made from the disposal of a depreciating asset: Pre-CGT assets: you disregard […]

  • Extended deadline for SMSFs

    Extended deadline for SMSFs

    The ATO is targeting individuals (at, or approaching, retirement age) purporting to divert personal services income to a SMSF to minimise or avoid income tax obligations. A person earns personal services income (PSI) when 50 per cent of their income is earned from offering products or services that involve their skills, knowledge, expertise or efforts. Personal […]

  • ATO crackdown on rental property tax claims

    ATO crackdown on rental property tax claims

    The ATO is targeting those who rent out their property for a few weeks during the year but claim a full year’s worth of tax deductions. The tax office  will be paying close attention to rental property owners, especially those who own a holiday home, who incorrectly claim for initial repairs to recently acquired rental […]

  • Limits for FBT Benefits

    Limits for FBT Benefits

    The Government has announced the introduction of a separate grossed up cap of $5,000 for  FBT salary packaged meal entertainment and entertainment facility leasing expenses. The elective valuation rules are no longer to be used to calculate the taxable value of these benefits. Benefits exceeding the$5,000 grossed-up cap can be counted when calculating whether an employee […]

  • Calculating your property’s GST

    Calculating your property’s GST

    When selling property registered for GST, the margin scheme can be used as an alternative way to work out the GST payable on a concessional basis. Where the scheme is applied, GST is paid for one-eleventh of the margin of the sale rather than one-eleventh of the sale price. The margin scheme calculates GST on the increase […]

  • Minimising tax on share transfers

    Minimising tax on share transfers

    There are ways individuals can minimise CGT when transferring shares to their super fund. Individuals can transfer shares to an SMSF by completing an off-market transfer, also known as an in-specie transfer. It involves transferring securities between two parties without using a stockbroker and means that the shares in question do not have to be […]

  • Federal Budget 2016

    Federal Budget 2016

    SMALL BUSINESS This year’s Federal Budget is based on a ten-year enterprise tax plan designed to stimulate more small business activity by boosting new investment, creating jobs and increasing real wages. One of the key features of this plan is that the small business entity annual turnover threshold will be increased from $2 million to […]

  • ATO warns pre-retirees on SMSF tax schemes

    ATO warns pre-retirees on SMSF tax schemes

    The Australian Tax Office   has its sight set on individuals participating in an increasing number of aggressive tax avoidance and retirement planning schemes in self-managed superannuation funds.   The ATO has launched Super Scheme Smart, an initiative designed to help inform individuals and advisers about illegal retirement planning schemes. The program is a result […]

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Level 16, Westfield Tower 2, 101 Grafton Street,
Bondi Junction NSW 2022

02 9387 4300