Tax negotiation limited to known debt amounts Two company taxpayers have been unsuccessful before the Federal Court in seeking to set aside statutory demands issued by the ATO. The matter essentially involved two individuals who carried on property development activities through several entities (including the taxpayers) and their recollections of an alleged “global deal” with […]
We have recently had home loans and mortgages expert Mr. Scott Compton, move into our North Sydney office. Scott has been a home lending advisor for a number of years and is currently trading as Financial Solutions by Design Pty Ltd. Scott is up to date on a wide range of lending products and has […]
SMSF’s Still On The Rise The June 2015 quarterly Self-managed Super Fund (SMSF) statistical report from the ATO highlights the continuing progression of self-managed super funds (SMSFs). 1.05 million Australians are now members of an SMSF. Further 556,998 SMSFs are collectively holding assets of $590 billion. The ATO indicated that is an estimate of 6% […]
Unbundling phone and internet expense claims for work purposes Individuals can claim deductions for mobile, home phone and internet expenses that have been incurred for work purposes. However, correct apportionment for work use is a key issue. According to the ATO, as there are many different types of plans available, taxpayers need to determine their […]
If you run a business, it’s possible that you are operating on a relatively limited budget. Whether sales are slow in your business or you are trying to pay back loans you took out to cover your start-up costs, it’s in your best interest to conserve money wherever you can. To keep your business operating […]
The Australian Government has partnered with AusIndustry to offer companies that perform research the opportunity to gain additional tax concessions through the Research and Development Tax Incentive. If your company has performed any research throughout the year, is working on developing a new idea or has been developing software, you may be eligible for the […]
This issue of Client Alert takes into account all developments up to and including 17 September 2015. Excessive deduction claims on holiday homes on ATO hit list The ATO is increasing its focus on holiday home investors and, in particularly, whether they are correctly claiming deductible expenses. The ATO has recently advised that it will […]
Excessive deduction claims on holiday homes on ATO hit list The ATO is increasing its focus on holiday home investors and, in particular, whether they are correctly claiming deductible expenses. A key concern is when people make claims for expenses when the property was not available for rent. The ATO has recently advised that it […]
Here is when a human expert is not always best. In an increasingly connected world, argues investment strategist, academic and writer Michael Mauboussin, experts add less and less value to predictions. They are being outcompeted by computers on the one hand, and collective wisdom on the other. Back in 2008, Mauboussin dubbed this trend “the […]