Accounting & Tax - Page 2 of 2 - Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Jan 01

Changing the structure of your business

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Accounting & Tax

Some Australian small business owners may now be able to apply the small business restructure roll-over concession upon restructuring their small business. A key decision when starting up your own small business is deciding on the structure you will use. A small business’s structure depends on the size and type of the business, as well as […]
Jan 01

ATO Crackdown on trusts

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Accounting & Tax

The ATO is currently targeting contrived trust arrangements that minimise tax by creating artificial differences between the taxable net income and distributable income of closely held trusts. Arrangements where trustees are engineering a reduction in trust income to improperly gain favourable tax breaks or pay no tax at all are being targeted by the Tax […]
Jan 01

Selling an inherited property

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Accounting & Tax

Beneficiaries who inherit a property need to be aware of the various CGT implications associated with owning and selling an inherited property. When someone dies, a capital gain or loss is generally disregarded when a property passes: to the deceased person’s executor or other legal personal representative to the deceased person’s beneficiary – such as […]
Jan 01

Implications for short-term rentals

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Accounting & Tax, Wealth Creation

Airbnb and other popular short-term accommodation services, can be a great way to generate some extra income, however, hosts need to be aware of their obligations and rising legal and regulatory issues. Before creating an Airbnb listing, or renting out your home to short-term tenants, it’s important to do your research, there may be certain […]
Jan 01

ATO crackdown on rental property tax claims

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Accounting & Tax

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 […]
Jan 01

Limits for FBT Benefits

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Accounting & Tax

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 […]
Jan 01

Calculating your property’s GST

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Accounting & Tax

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 […]
Jan 01

Minimising tax on share transfers

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Accounting & Tax

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 […]