Month: January 2019

The tax office now have the best computer system that they’ve ever had, and they’re putting it to use on the Australian public.

There are four things that the ATO won’t let slide in 2019.

  • The cash economy.

They want the cash economy to be declaring all of their income. No excuses. They’re starting to look at money going in and out of bank accounts, above about $5,000 to $10,000. The tax office are also hammering GST in this area, using statistics and tax averages from specific industries to see if people are reducing their tax via the cash economy.

  • High wealth individuals.

People of high wealth are often in extremely complicated tax situations to save themselves a lot of tax. However, the ATO knows that many smaller tax agents cannot cope with the complexity of the law. Hence, small tax agents working with high wealth individuals can expect an audit.

  • Multi-nationals profit shifting.

Finally, the Australian government are tackling the profit shifting of big multi-nationals. They are putting a target on tax dodging and kicking the money back to the Australian people.

  • Work-related deductions for employees.

If you’re claiming more than $2,000 to $5000 in a particular deduction area on your individual tax return, it’s likely you’ll get caught. Make sure you have your receipts, make sure you’re claiming things according to tax law. This is the second year that the tax office have targeted this area, and last year they discovered thousands of incorrect claims.


If you’re unsure about your tax strategy or what you can legally claim, you can come and speak to a Tax Champion at a no-obligation, complimentary consultation.

Small Business Tax, Tax Champion

What Will The ATO Target In 2019?

They’ve got a great computer system and they’re not holding back for anybody.

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Tax On Shares: ATO Extends Data Matching Program

The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades.

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Small Business Tax

Understanding What A Unit Trust Is

The basics of a unit trust and how it can be used to benefit your small business.

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Living Estate Planning

Covering The Cost Of Your Own Funeral

Your own funeral can be hard to think about, but after a lifetime of working hard for your money and having it work hard for you, now is not the time to drop the ball when some intelligent research and thoughtful planning could ensure value for money with that final big spend.

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We’re Celebrating 40 Years

In the early years, we were known as Butler & Mannix. Nowadays, we’re a full service firm!

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Allied Health Business Valuations

As an allied health business, it’s important that you understand the value of your practice. Here’s how we value allied health businesses.

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Problems That Occur When Subdividing Your Land

An issue arises when the decision is made to subdivide and sell that vacant land before anything is built on it.

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What Expenses Are Allowable Deductions For A SMSF?

The expenses considered deductible by super funds are similar to that of individuals.

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We encourage many of our growing small businesses to set up family discretionary trusts. ?

These trusts are great for one family and have a number of people involved in them.

 Firstly, the person who starts a family trust is the settlor.

The settlor sets up the trust by contributing about $10 or $20, merely to kick it off.

And then… the settlor sails off into the sunset never to be known of again. ?

That settlor can’t be a family member. We don’t really want it to be the accountant or the lawyer either. It should be a next-door neighbour or someone known to the family.

All they do is start the trust. That’s it.

 Next is the trustee. This is the person who directs the trust and makes all the day-to-day decisions.

They have power to run that trust. The trustee can be an individual, or they can be the director of a trustee company.

 Then you have the all-powerful appointor.

The appointor is super important in a trust because they can sack the trustee and put another trustee in place, if ever needed.

 Finally, you have the beneficiaries of that family trust.

In Australia, beneficiaries under 18 can earn about $416 tax-free.

Beneficiaries over 18 pay individual tax rates.

Companies pay company rates.

Tax Champion

How Do Family Trusts Work?

The history of family trusts and the basics of what they involve.

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Working From Home: What Deductions Can You Claim?

For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. 

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Property, SMSF, Tax Champion

Buying Property In A SMSF

This is NOT advice. It’s just a random man down the street sharing his story.

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SMSF Property Loans Explained

A valuable structure to become familiar with.

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