$20k accelerated deductions for small business extended another year The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019. From 1 July 2019, the immediate deduction threshold will reduce back to $1,000. There are no limits to…
Tax time: 4 claims that catch out tradies Every end of financial year tradies prepare their tax returns, and sometimes a big dose of hope comes into play about what can be deducted. Want to avoid the ATO fishing you out? From tools of the trade to travelling back and forth from various jobs, getting…
3 tax deductions on this year’s ATO hit list Every year the ATO makes it known what sort of deductions will be getting the eagle eye. So far, here’s what we know about this year: The ATO publicly flags a couple of areas it’s looking at because (surprise, surprise) it’s not really trying to scrounge…
Claiming personal super contributions deductions The removal of the 10% maximum earnings condition means more people may be eligible to claim a personal super contributions deduction this tax time. Mitchell Partners can help you to understand if you are eligible and let you know if you need to: make personal (after tax) super contributions directly to your…
The main residence exemption is not the only issue that comes up with property flipping. Tax deductions for rental properties and renovating for profit inside a self-managed super fund (SMSF) are common topics: Can I claim a tax deduction for renovations on my investment property? It is not generally possible to claim an upfront deduction for…
Management of Fringe Benefits Tax The management of Fringe Benefits Tax (FBT) obligations is often seen as an additional compliance task, not as important as other compliance obligations such as income tax, GST and PAYG withholding tax. However, FBT obligations that are not appropriately managed or accounted for can impose significant on-costs for businesses. Over…
A light-hearted look at the complexity of Australian tax laws Dear Santa, Thank you for the opportunity to provide tax advice for your operation. We are pleased you have initiated this advice as the Australian Taxation Office (ATO) is looking closely at any business or individual that operates within Australia but has significant transactions or operations…
What and How To Pay Them The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies. Can you pay a Director? Directors who work in the company, executive directors, would…
The Tax Commissioner’s hit list Every so often the Australian Taxation Office (ATO) sends a ‘shot across the bow’ warning taxpayers where their gaze is focussed. Last month in a speech to the National Press Club, Tax Commissioner Chris Jordan did exactly that. Part of the reason for this public outing is the gap between…
The Australian Taxation Office (ATO) is warning taxpayers that they are paying close attention to claims for work-related car expenses this tax time. Assistant Commissioner Kath Anderson wants taxpayers to avoid getting tripped up by making claims that they can’t justify, citing ‘standard’ claims as a common error. “Some people think they are entitled to…