Read the latest Blogs below or use the search function on the right hand side to find a specific blog.
The ATO and its regulation of SMSFs
Editor: In a recent speech, Kasey Macfarlane, Assistant Commissioner, SMSF Segment, Superannuation, discussed the issues facing SMSFs and their aging trustees. The following is an excerpt from her speech.
Immediate deductibility of capital start-up expenses
From 1 July this year, new provisions apply to allow certain small businesses, or an entity that is not in business, to immediately claim some start-up costs, including business costs associated with raising capital.
Data matching program – on eBay online sales
The ATO has announced that it will acquire online selling data relating to between 15,000 and 25,000 individuals who sold goods and services of $10,000 or more on eBay between 1 July 2014 to 30 June 2015.
Small Business Protections from unfair contract terms
Editor: There are laws protecting consumers from unfair terms in 'standard form contracts' where the person has little or no opportunity to negotiate with the business concerned.
ATO and United States IRS share bank information
The ATO has announced that it has undertaken its first ever automatic sharing of bank information with the United States (US) Internal Revenue Service (IRS).
Turning Debtors into Cash Flow Quicker
MOST BUSINESSES FIND CASH FLOW A JUGGLE AT ONE TIME OR ANOTHER
5 Steps to a tax free Christmas
OK, we know tax is not the most exciting thing to think about in the lead up to Christmas. But these are the questions we get asked all the time, and if you are familiar with all the tricks and traps, you can save yourself and your business hundreds if not thousands of dollars.
What happened to all of those Budget cutbacks?
If you're confused about what happened to all of those announced Budget cutbacks then you're not alone. Many of the Government's initiatives are stalled in the Senate awaiting final negotiation. Here's a quick summary of where everything is up to:
Can individuals get a better tax deal?
Individuals have fewer choices when it comes to minimising tax but there are still opportunities depending on your circumstances. Salary and wage earners will have limited flexibility over direction of their income. Salary packaging can provide some tax benefits. Beyond that however it will be more a matter of how you structure your other investments to optimise your tax outcome. This applies at both an income and capital gains level. The use of trust structures, appropriate negative gearing, and maximising the benefits of franking credits can all assist in reducing your tax exposure.
Can smaller businesses get a better tax deal?
The answer is 'sometimes' but you need to be proactive. Larger companies tend to spend more on advice to not only identify current opportunities but to understand the tax impact when acquiring new businesses, selling assets, structuring or restructuring. We've seen many scenarios where businesses seek advice on tax issues once contracts have been signed – at the tidy up stage. It's too late at this stage to improve the tax position or unwind a problem.
