Personal deductible contributions can allow individuals to claim a tax deduction for contributions they have made to superannuation provided they meet certain requirements. So what are these requirements and what should you look out for? Eligibility requirements You will … Read Full Story
The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free … Read Full Story
Looking to boost your employees’ skills and your tax deductions at the same time ? Then keep reading to see if you could be eligible for the small business skills and training boost! If you run a small or … Read Full Story
For property developers – or would-be property developers – a recent decision of the Federal Court may be of interest. In Makrylos v FCT [2023] FCA 971, land acquired by a property developer was treated as trading stock from … Read Full Story
Soon to be implemented changes to the Australian Consumer Law will provide additional protection to consumers and small businesses prohibiting the proposal, use or reliance on unfair contract terms in standard form contracts. The ACCC recognises that “standard form … Read Full Story
Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year … Read Full Story
SCENARIO: I run a small business that requires me to travel quite a lot, particularly to country areas where I will often stay overnight. To save on accommodation costs, I have purchased a caravan. I have a business logo … Read Full Story
Early last month, the ATO issued a reminder around auditors. If you have an SMSF, you need to appoint an approved SMSF auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR). Your … Read Full Story
The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available … Read Full Story
Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately channel money or assets into your SMSF so you pay less tax. They may also include arrangements promoting the illegal early release … Read Full Story
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