Tag: Tax

Tax

Your business has been selected for an ATO audit!

These are the words nobody ever wanted to hear, but have you ever wondered how the ATO identifies who to audit?

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Tax

TAX DEDUCTIONS IN DANGER

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed – $22 billion worth to be exact. 

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Tax

Small business restructure roll-over concessions

What happens if you are in the wrong structure? Have you ever had a chat with a colleague or mate and thought “why aren’t I doing that” or “I wish I could change the way my business works”.

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Tax

Great news for everyone running a small business!

The Small Business Entity threshold has increased to $10 million from 1 July 2016 onwards (became law on 19th May 2017). Previously the Small Business Entity threshold was $2 million. Basically, you are a Small Business Entity if you carry on a business and have an aggregated turnover of less than $10 million.

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Property

UPDATE – Withholding tax on property sales

Last year we wrote an article detailing the new withholding tax introduced for properties sold to foreign residents.  For any property sold for more than $2 million after 1 July 2016, the purchaser had an obligation to withhold 10% of the sale price.

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Tax

2017 Tax Checklists

We have taken the time to prepare comprehensive Tax Checklists, designed to guide you in providing all the correct and relevant information to maximise your tax return. 

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Tax

Are you paying more tax than you need to?

What can you do to reduce your tax and the tax paid by your business? The answer is quite a bit but it takes planning pre 30 June. Here are our top tips …

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Tax

BIG tax breaks

Fantastic News, there is an increase to the aggregated turnover threshold to $10 million for access to small business tax concessions from 2016-17.  This means that any businesses with an aggregated turnover of under $10 million can now ….

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Property

Land Tax…the forgotten tax

When you buy your first (or even second) investment property, land tax is likely the last thing on your mind. Even less likely if you are buying a new family home and have decided to keep the old one and rent it out. With land tax rates skyrocketing in some states over recent years, this can be a nasty surprise.

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Tax

Tax Planning for 2016/17 Financial Year

April is a vital month for tax and superannuation planning. With 9 months of the financial year locked away significant trends or changes from the previous financial year will be well established.

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Tax

Poorly Structured

I heard a horror story the other day about poor structuring. Let’s just call this person Wayne Structureless for simplicity. Wayne has shares in a very profitable small business in his own name.

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