Limiting plant and equipment depreciation deductions to outlays actually incurred by investors – for residential investment properties acquired from Budget night on 9 May 2017
.........Read More
Christmas is fast approaching. In order to properly plan for any unforeseen tax problems, we provide a tax guide for your Christmas party.
Christmas party for employees (including family members and clients)
On-site Christmas party
If you are having a Christmas party, holding it on the business premises on a working day is usually more tax effective than holding it off-site. Food and drinks (including alcohol) are exempted from FBT for employees with no dollar limit
.........Read More
All super providers, including SMSF and life insurance companies, are required to lodge a TBAR to report events to an individual’s transfer balance account (TBA). The ATO has announced that TBAR will apply to SMSF from 1 July 2018.
Events to be reported in the TBAR include:
1. Super income streams in existence just before 1 July 2017.
..........Read More
If you have a bundled plan, you need to identify work use for each service over a four-week representative period during the income year. This will allow you to determine your pattern of work use, which can be applied for the full year.
..........Read More
If you rent out part or all of your home, you are liable for the following:
· You must disclose your rental income and expenses in our tax return;
..........Read More
To claim a deduction you must be able to provide evidence that you purchased the clothing.
If you receive an allowance from your employer for clothing, uniforms, laundry or dry cleaning, it must be declared as an allowance on your return.
..........Read More
If so, read on…
From 1 July 2019, all employers must be registered for Single Touch Payroll (STP).
What is STP?
..........Read More
|
Tax Planning is where the taxpayer very sensibly changes around or re-arranges their affairs so that their business and financial involvements will result in increased profitability
.........Read More
Tax and Christmas Party (cont’d)
|
What is considered to be entertainment costs?
|
Entertainment
|
Not Entertainment
|
Airline tickets
|
Gift hamper
|
Theatre/sporting tickets
|
Bottle of wine or whiskey
|
Holiday accommodation
|
Perfumes
|
Hired entertainers
|
Flowers
|
Gym membership
|
Pen Set
|
Tax tip: Avoid entertainment costs to employees and clients, as they are not tax deductible, subject to FBT and GST cannot be claimed.
From 1 July 2017, the following measures have been introduced:
1. Disallowance of travel expenses for residential rental properties to inspect, maintain or collect rent. Therefore, if you fly interstate to inspect your property or driving to your rental property to mow the lawn, then the costs incurred for the trip are no longer tax deductible.
..........Read More
If you are a husband and wife couple and both salary and wage earners, then if you both have to undertake business related travel and are required to use your own car, then you can each claim car expenses even if you have only one car.
..........Read More
The AAT has held that a taxpayer was not eligible to deduct meal expenses in excess of his overtime meal allowance.
Facts
..........Read More
It is possible that a member of an SMF loses capacity e.g. due to stroke or old age.
The trustee/member rules for SMSF require that a member of an SMSF also needs to be the trustee of that SMSF.
..........Read More
|