News And Events

April 2018 Tax & Super Newsletter 07/04/18

Our latest newsletter can be viewed here: Tax and Super Newsletter-April-2018

There’s been a lot of buzz about bitcoin lately, so we thought it timely to run over the ins and outs of cryptocurrencies.

Another phenomenon of the modern marketplace is the sharing economy, but care needs to be taken when dealing with businesses carried on via sharing platforms to ensure there are no hidden tax traps. We use Airbnb as an example.

Buying online from overseas is also prevalent these days, so we take a quick look at related costs such as customs duties.

There are many rules and requirements when making commutation requests for your retirement income. The ATO has issued some guidance.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

March 2018 Tax & Super Newsletter 16/03/18

Click here to view the newsletter: EFA Tax and Super Newsletter-March-2018

Coming up to the end of March, it’s time to reacquaint with some of the more obscure Fringe Benefits Tax (FBT) rules. Business owners should be aware that a  when a third party supplier is generous enough to include your employees it could trigger a tax liability for the business. We look at this and other quirks of the FBT regime.

We also look at the need for valuations for SMSF assets, the looming Single Touch Payroll requirements, as well as when or if a business can use simplified trading stock rules.

Please contact us if you have any questions about these topics.

February 2018 Tax & Super Newsletter 05/02/18

In this month’s newsletter:

EFA Tax and Super Newsletter-February-2018

We explain whether an activity is a hobby or a business, and why it’s important to understand the difference. Hint – there is no earnings limit involved.

We also look at new tax measures which have affected the travel and depreciation deductions that were previously available to rental property owners.

Those of our clients operating a business in partnership may ask whether loan interest is deductible on funds originally advanced by a partner for working capital. We explain the conditions of deductibility and the “refinancing principle”.

If your existing residence is eligible for the main residence exemption from Capital Gains Tax, you may like to know whether the exemption extends to additional land that you later acquired. We show you an ATO example.

Some SMSF trustees are confused by mixed messages from the ATO about property development. We look at whether it can be an allowable investment and what the compliance risks are. It’s a highly complicated area which is on the ATO’s radar, and requires specialist advice.

Please contact us if you require any advice in relation to the topics in this newsletter.

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.