News And Events

July 2018 Tax Time Newsletter || Tax Workshops, Blockchain and Auditing 10/07/18

Client Tax Newsletter-July-2018

See our newsletter for tips on what to gather for your personal tax return meeting, check that your company is compliant with shareholder loans under Division 7A, and learn about the deductibility of insurance premiums.

Electra’s upcoming Tax Workshops in Sydney and Queensland:

They’re exceptionally good value, running for 2 to 4 hours and tailored to audience interests and questions. Perfect for start-ups and established creatives. Learn how a specialist accountant can make a difference.

Coming up:

Follow Electra on Linkedin and Facebook for future news and events, seminars etc

Electra has been studying Developing Blockchain Strategy at RMIT University this year, to understand blockchain technology and its application to business and industry. When the time comes, we will be equipped to consider the implementation of blockchain in accounting practice and in our clients’ businesses. Electra is closely following this space and speaking with Australian developers of new cryptocurrency business accounting software.

Did you know? – we can now assist with Audit and Assurance Services. So if you need an audit report and verified financials for your grant, not for profit association, business purchase, the bank, an SMSF or for any other reason – please contact us.

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You are welcome to contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Thank you for reading and we look forward to hearing from you.

June Tax & Super Newsletter 01/06/18

Tax and Super Newsletter-June-2018

It’s not uncommon for taxpayers to be in dispute with the ATO from time to time, and although the Tax Commissioner may seem invincible, this is not always the case. We look at the best approach to better your outcome. Regarding objections to income tax assessments, see TR 2011/5.

Car claims will be getting the ATO blowtorch treatment this year, especially those 5000 km claims with no valid basis as if it’s a standard deduction (it’s not). We explain how to avoid mistakes. We also discuss work related travel expenses and when you can and can’t claim a deduction for certain trips between home and work.

At some stage, SMSF trustees will need to get their heads around the proportioning rule, so we run over the way this works. When calculating a super benefit, the tax-free component and taxable components of a member’s payment must be paid in the same proportion as the tax-free and taxable components of the member’s interest.

We explain the building and construction industry Taxable Payments Annual Report, which is soon to be expanded to courier and cleaning services. Although most of our clients operate in the creative sector, some still need to be mindful of this reporting of payments to contractors (e.g.,  for architectural work, set construction). For a full list of occupations and services covered by the Taxable Payments Annual Report, see this page. And for examples of buildings, structures, works, surfaces or sub-surfaces, see this page

We brush up on statute barred debts. When a debt can no longer be legally recovered by creditors there can be various tax implications. We look at the statute of limitations state by state.

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

2018-19 Federal Budget 09/05/18

2018 Federal Budget Newsletter-May-2018

Here it is! What to expect in the coming financial year – personal and business taxes, superannuation, health and aged care, infrastructure and ATO compliance activity.

The $20,000 immediate asset deduction is here to stay for another 12 months. Make sure you get invoices with ABN’s from contractors and withhold tax from wages, or your business won’t be able to claim a deduction. The licensing structures for actors and other high profile individuals need review as they will no longer be able to licence their fame or image to a company or trust.

The Australia Council for the Arts is neglected in this budget. Esther Anatolis from NAVA provides a response to the measures for arts and culture – here.

Please contact us for further information when the dust settles after the 15 May annual tax deadline.

May 2018 Tax & Super Newsletter 05/05/18

Please view our newsletter here: Tax and Super Newsletter-May-2018

Interest expenses on money borrowed to buy business assets can be deductible. However there are also circumstances, allowed under tax law, where deductions are still available after the relevant asset is disposed of. We run over the details.

In this issue of your newsletter we also deal with tax and franchising, the basics of testamentary trusts, and encourage you to try a quick quiz (with answers) on business deductions.

We also explain the “work test” which is required for super contributions made for those over the age of 65.

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

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.