Tax Tips for Small Business

PRE-1 JULY 2019 TO-DO LIST Make trust resolutions Document the streaming of trust capital gains and franked dividends Review private company loans Consider deferring certain income, and bringing forward certain deductible expenses Write-off bad debts Pay employee bonuses and employee superannuation entitlements RECORD-KEEPING TIPS Record cash income and expenses Account for personal drawings Record goods […]

TAX TIPS FOR INVESTORS

RENTAL PROPERTIES The ATO has received a large boost in funding to close the $8.7 billion individuals tax gap. Part of its focus is to ensure taxpayers are returning all rental income as well as claiming only the rental property expenses to which they are entitled. Some of this additional funding will go to improving […]

Tax Tips For Employees

CLAIM WORK-RELATED DEDUCTIONS Claiming all work-related deduction entitlements may save considerable income tax. Typical work-related expenses include employment-related mobile phone, internet usage, computer repairs, union fees and professional subscriptions that the employee paid themselves and for which they were not reimbursed. Be aware that the ATO has received a large boost in funding that enables […]

Clients warned on possible car review

Vehicle-related expenses and even the make and model of the car you drive can attract extra scrutiny from the ATO, an accountant has warned, citing the example of a manufacturing business. Speaking on the podcast of sister publication, My Business, Alexander Laureti of LMS Advisory revealed that a manufacturing business had its fringe benefits tax […]