Well another year is upon us and we’re off and running. Below is our 2016 tax checklist if you’re keen to get your things in order. Please remember that we’re here to help so if anything is proving hard to find let us know as we’ve usually got a trick or two up our sleeves.
For a limited time we are giving away free shoeboxes. It might be a little tongue-in-cheek but we honestly feel our job is first and foremost to make the lives of our clients easier. Once we’ve done that we can get down to really making sure you’re in the best position you can be both financially and tax-wise. The shoeboxes are free to all existing and new clients. Pop on into the office and pick yours up today!
Even though the current financial year is winding up, don’t assume that your 2015-16 tax outcome is set in concrete just yet — there are still some legitimate tax planning strategies that can help us help you not pay a cent more tax than you have to. In the same vein, we also list the top 7 tax tips for investors. SMSF trustees come in two flavours — corporate or individual. Deciding which is best for your retirement savings outcome requires careful consideration, so we have run a ruler over each. We also look at trust essentials, and explain the government’s Restart wage subsidy program that’s available for businesses. Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. LATERALS-June-2016
The budget wrap-up is below available on our Blog. A few changes in the mix but most of them with a kick-off date of 1 July 2017. Some very interesting tax planning opportunities leading up to and after this date so please talk to us if you have any questions. LATERALS-May-2016 Budget
While a lot of the benefits a business can provide to employees will bring an FBT liability with them, this is not the case for every benefit. We look at what you can consider that are also FBT-free. And if staff are looking to salary package, we also run over the possibilities. Have you already lodged a BAS but forgot to include an item? Don’t panic. There are ways around it, and we can help. We also consider the tax implications that can arise through making claims on a holiday house, and raise the delicate topic of cognitive decline among older SMSF trustees. Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. LATERALS-May-2016
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. 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 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. And speaking of legacies, every successful business owner should ideally have a succession plan in mind. 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. LATERALS-April-2016
If you’re looking for a free Point of Sale App that can run on tablets/phones and your PC then Square is for you. Simple setup and very easy to use. It’s innovations like this that get us accountants really excited! More details at: https://squareup.com/au/pos
In this issue we cover: Claims for vehicle use remain one of the most popular for a huge number of taxpayers, but recent tweaks to both the compliance regime and the provisions for making such claims means that correct record keeping is essential. And as doing business online is becoming even more pervasive, it’s just as well the Tax Office has provided guidance on claiming relevant costs for setting up a website. Trustees of SMSFs continue to make use of limited recourse borrowing arrangements (LRBAs), but there are important considerations, and warnings, to be aware of before you jump in. We also look at an FBT-free commuting alternative, and remind certain taxpayers that the special zone tax offset they may have previously claimed may no longer be available. Please contact this office for clarification, or further advice, regarding any of the topics covered in this newsletter. If you do not wish to receive this newsletter, then please reply to this email with ‘unsubscribe’ in the subject line. LATERALS-February-2016
Point and Claim is a fully ATO compliant app that allows you to capture and store all your receipts. Never lose track of a deductible item again or keep all your warranty receipts handy. We’ve been using the product for some time now and find it very handy indeed. One option we love is the ability to share your receipts directly with us as your tax agent through. Get the App at the App Store or through Google Play. Further details on the product can also be found at: www.pointandclaim.com
If you are building a new home or repairing an old one, there is a concession that allows you to extend the period when you are able to claim the main residence CGT exemption, even if you are not living in that dwelling, if circumstances are right. And as there still seems to be lingering confusion on the $20,000 small business pool write-off, we run over all the details. The cut to the small company tax rate is welcome, but there is a dividend franking implication that you need to keep an eye on. We also briefly explain what “adjusted taxable income” is, and survey the tax landscape from a cyber security point of view. Please contact this office for clarification, or further advice, regarding any of the topics covered in this newsletter. LATERALS-December-2015