News And Events

July 2017 Newsletter – It’s Tax Time 04/07/17

Please click on the link below to download our newsletter:

EFA Tax Time Newsletter-July-2017

If you’re planning to make an appointment to complete your tax return, we’ve made a general checklist of things to start gathering.

By the way, you might also be able to claim some or all of the costs for travelling to see us – either in Sydney or at our Queensland office (which just happens to be at a beautiful holiday beach location) — we explain how.

The ATO is scrutinising incorrect deductions that many taxpayers try to claim for holiday rental properties, so we take a look at the issues that have been grinding the taxman’s gears.

Mobile, home phone and internet costs may be claimed under some circumstances, so we run over the substantiation that the ATO will accept to successfully make these deductions.

We also present an overview of streaming trust capital gains and franked distributions.

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

June 2017 Tax and Super Newsletter EOFY 06/06/17

Click below to view our End of Financial Year newsletter to help you plan for year end tax matters:

EFA Tax and Super Newsletter-June-2017-EOFY

The end of the financial year is in sight, but businesses shouldn’t assume their 2016-17 tax outcome is set in concrete just yet — there are still some legitimate tax planning strategies that can help us help you not pay a cent more tax than you have to.

We also look at how to make good use of a tax loss, and discuss interest income and who is deemed to be assessable. Importantly for SMSF trustees, we also run over the newly minted transitional CGT relief measure that can apply when trustees comply to the new balance cap.

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

We’re holding  Tax Time Seminars for our sole trader and freelancer clients in late June, at our new Pyrmont location. Contact us if you’d like to book a seat.

2017-18 Federal Budget – Client Newsletter 13/05/17

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The budget announcements contain a suite of tax and superannuation measures aimed at increasing housing stock and improving housing affordability. While the government has avoided the political and social hot potato of negative gearing, it has taken some steps to restrict the travel expense and depreciation tax breaks enjoyed by investors.

Last year, many individual taxpayers received small “cake and coffee” tax cuts (so called because they averaged around $6) which were touted as an important first step to addressing bracket creep; but one year later, the government announces that the Medicare Levy will increase by 0.5% to 2.5%, which will surely eat into those tax cuts (for those lucky enough to have received them).

Last year’s budget was one for small businesses. This year, the small gift is a one year extension of the $20,000 instant asset write-off for 2017-18. Unfortunately, the government will tighten access to the small business CGT concessions.

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

May 2017 Tax Newsletter 08/05/17

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EFA Tax Newsletter-May-2017

There can be capital gains conundrums when sub-dividing the family property, so we run through the typical scenarios to dissect the likely tax outcomes.

Another perennial head-scratcher is the deductibility of the interest payable on borrowed funds.

A GST exemption is available when a “going concern” business is involved, so we look at the conditions that must be met.

While the recent tax cut for some companies is welcome, thought needs to be given to the change in tax rates when dealing with dividend credits.

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

April 2017 Newsletter – Tax and Super 03/04/17

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EFA Tax and Super Newsletter-April-2017

There’s nothing wrong with sourcing certain business assets through peer-to-peer websites like Gumtree or even a Facebook group. Using Airtasker and AirBnb for business is fine too. It’s when it comes to substantiating a tax claim that these sorts of transactions can end up being difficult.

The ATO’s rules regarding deductions claimed for work clothing, or for laundering clothes, are fairly straight-forward, but there are a few grey areas that crop up now and then. Some of our clients who buy costumes should refer to the ATO’s Occupation Ruling for Performing Artists.

We cast an eye over how simplified depreciation works for small business asset pools and revisit the $20,000 immediate deduction.

We also look at the new “total superannuation balance” and what it means for your super fund.

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

March 2017 Newsletter – Tax and Super 02/03/17

Please click on the link below to view our newsletter:

EFA Tax and Super Newsletter-March-2017

FBT and the provision of cars to employees continues to confound smooth tax compliance for businesses. We run over the usual FBT return problem areas. Also, as the “sharing economy” is becoming more prevalent (e.g. Uber and AirBnb), so the ATO has found it necessary to issue some guidance.
A not-uncommon conundrum for many SMSF trustees is what to do when the fund is found to have breached the in-house asset rules. There are also some common misconceptions about these regulations that keep resurfacing.

We also look at tax and dividend income, and run over the options for salary sacrifice arrangements.

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