News And Events

January 2018 Bonus Business Newsletter 15/01/18

Please click here to download our bonus newsletter for January:

EFA-Business-Client-Bonus-Newsletter-January-2018

Here is an article on how to create an effective budget for business growth and better planning. We demonstrate the Budget Variance Report in Xero and go on to explain why you should look at the Financial Reports in your accounting software from time to time, and what they are.

January 2018 SMSF Newsletter 14/01/18

Please click on the link below to view our newsletter:

EFA-Client-Newsletter-SMSFs-January-2018

This month we focus on Self-Managed Superannuation Funds:

Is an SMSF the right choice for you?

What you need to know about setting up an SMSF.

Whether or not to have insurance in your SMSF.

What happens to your SMSF if you decide to live overseas?

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

 

December 2017 Tax & Super Newsletter 10/12/17

Click here to view: EFA Tax and Super Newsletter-December-2017

We look at the top 10 tax mistakes that rental property owners can make, pick apart where car expenses stand in relation to novated leases, and clarify when (and where) the concept of “entertainment” sits with regard to the deductibility of certain events to a business.

For more on what constitutes “entertainment”, see tax ruling 97/17. And for rules that determine if an entertainment expense is deductible or not, see section 32-5 of ITAA97. The denial of a deduction regarding car expenses ruling can be found here.

Also, recent legislative changes mean that SMSF trustees need more than ever to stay aware of the value of assets, and makes the forced unwinding of an LRBA a more real possibility for many. We run over the practical aspects.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

November 2017 Tax Newsletter 04/11/17

Please view our newsletter here: EFA Tax Newsletter-November-2017

As it’s getting ever closer to the festive end of the year, we thought it prudent to run over the rules regarding Christmas parties and FBT.

And borrowing money from a private company, even if it is your own business, can have serious pitfalls if not carried out correctly, so we look at the dangers of “Division 7A”.

There’s also an important distinction you may need to know between a travel allowance and the living-away-from-home allowance.

We also look at how Australians are taxed on income that comes in from overseas.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

October 2017 Newsletter – Tax & Super 04/10/17

Featured in this month’s newsletter:

First Home Super Saver Scheme: This proposal aims to assist first home buyers to save a deposit through their superannuation fund. As some of the finer details of this draft legislation are revealed, we’ll be discussing this super contribution strategy with some of our clients.

Contributing the proceeds of downsizing to superannuation: This measure is intended to assist retirees to use some of their superannuation money from downsizing their current living arrangements. Something to be aware of if you’re speaking with a retirement planning specialist.

Ride sharing for extra income? If you or anyone you know has considered driving for Uber, GoCatch etc to earn some extra income, we have some essential information that you need to understand. Like GST….Setting up a new business? We look at the immediate deductions that are now available for start-up businesses.

Higher income earners and their super contributions: An income threshold has recently dropped (by $50,000!) that may catch a lot of taxpayers unexpectedly.

We also run over the car parking FBT exemptions for small business

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

September 2017 Newsletter – Tax and Super 02/09/17

Please download our newsletter – click here: EFA Tax and Super Newsletter-September-2017

If you’re intending to leave Australia long term (or permanently), you may be able to lodge your tax return before 30 June 2018.

The small business CGT concessions can be extremely valuable, but sometimes the complexity of the details can be confusing. We clear up some of the more obscure factors.

The rules around LRBAs for SMSF trustees have been fiddled with again, and necessitate (again) a look at the fine print. There is also a new statistical report on SMSFs that trustees should be glad to read.

Also dealt with are the differences between investment returns being on revenue or capital account, and what to do if you need to lodge your next tax return early.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

 

Notes:

For the new rules on transfer balance credit and LRBAs, see this link. The ATO view on excluded assets for small business maximum net asset value test can be found in ID 2001/37. And for the revenue versus capital for investment returns article, to clear up whether profits from isolated transactions are on revenue account, see TR 92/3.