News And Events

Feb 2019 Tax & Super Newsletter || Start-up investors’ tax incentives. Car claims. Itinerant work. Personal Services Income in SMSF’s. 06/02/19

Client Tax and Super Newsletter-Feb-2019

Early stage innovation companies: Start-up businesses are generally not for faint-hearted investors, but there are tax incentives that can help. We look at two early stage business investment options.

Car claims: Also, a perennial topic of interest for tax is the ability to claim vehicle deductions, so we run through the essentials for individuals and companies.

Travel expenses: In this issue we also examine how travel expense claims can be helped along if a taxpayer can also work in the word “itinerant”.

SMSF’s: Thinking of diverting income earned through your services to your fund, to minimise or avoid tax? The ATO has issued a warning on SMSFs and “personal services income”.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.  Or book a consultation here.

….

Further reading:

For more on the issue of itinerancy and travel, see taxation ruling TR 95/34. For the ATO’s early stage innovation company decision tool, see here. For the ATO’s car expenses information brochure, see here

January 2019 Tax Newsletter || Paying yourself and others: new rules. Overseas employee home office expenses. Private rulings. 08/01/19

Client-Tax-Newsletter-January-2019

This month we look at changes to Division 7A for company loans to shareholders and associates to be compliant and the deductibility of payments to employees and contractors where PAYG withholding is concerned.

We also explore some ATO views in relation to home office claims of employees and, in particular, where an employee’s home office is located overseas. As the workforce becomes more globalised, we’re encountering these scenarios more often.

Lastly, we provide some guidance on applying for a Private Ruling if you want to test-drive a claim with the ATO before lodging your tax return. Please consider reading our article before relying on what your friends and Google tell you.

Please contact us for any further advice or questions.

 

Dec 2018 Client Newsletter || Business Partner Agreements. Investing. ATO Alerts. Compensation Payments. 06/12/18

Click here to view – Client Tax and Business Newsletter-Dec-2018

We close Saturday 22 December and open Thursday 3 January.  Over the holiday break, halfway through the financial year, many business owners and investors review their positions. Now is a good time to read these articles and book a meeting in January with Electra for further planning advice.

 

Business partner agreements. A formal agreement can set the ground rules and prevent owners from turning on one another if things don’t go as well as planned. Whether it’s a partnership agreement, shareholder agreements’ or unitholders’ agreement – we explain what can go wrong if you don’t have one, and the steps for drafting your agreement.

The ATO’s use of “taxpayer alerts”. This is how the ATO warns taxpayers about emerging issues of concern in tax planning. We explain the implications of your affairs being the subject matter of one.

Investment tax issues. We run through the types of investment earnings that are ordinary income and those that are capital in nature; as well as losses, foreign tax issues, GST, substantiation and a few tax risk areas that you should be aware of when planning your investment portfolio.

Compensation for financial wrong-doings, such as has been uncovered by the Royal Commission, may still attract tax. If you’ve received inappropriate financial advice and are compensated for your losses, read this article before doing your tax return.

…..

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. Or book a consultation here.

Nov 2018 Tax & Super Newsletter || Renting out your home, FBT compliance check-up, Retirement savings, Christmas parties, Business with an SMSF 14/11/18

View here: Client Tax and Super Newsletter-Nov-2018

It’s nowhere near the end of the Fringe Benefits Tax (FBT) year, but a third quarter check-up can give you the opportunity to clear up any compliance issues.

And it’s a perennial question — how much do you need to retire? We look at the latest estimates.

Santa’s probably dusting of the sleigh, so why not plan ahead for the Christmas party. We have some pointers to help keep the FBT Grinch away.

There’s also information on tax when renting out part of your home, and we take a look at running a business out of your SMSF.

Please contact us if you have any questions around these topics in relation to your own affairs.

Oct 2018 Tax Newsletter || Crowdfunding, Private Rulings, Tax Return Mistakes, Personal Services Income 03/10/18

View here: EFA Client Tax Newsletter-Oct-2018

Crowdfunding is a relatively modern phenomenon, and is increasingly being viewed as a viable source of seed capital. But when serious revenue is being raised, tax is something that must be considered.  We deal with some of the grey areas.

If you have already lodged your income tax return but then realise you left something out, don’t panic. We can help you lodge an amendment with the ATO to make things right.

In this issue we also look at the place private rulings can have in managing more complex tax affairs. Getting a decision from the ATO to ‘test drive’ a tax arrangement is sometimes a good idea.

We also examine the ins and outs of personal services income (PSI). Professional people who set up a company or trust to run their business should check whether the PSI rules restrict their tax options.

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

Sep 2018 Tax & Super Newsletter || Super contributions, GST apportionment, business assets change in use, stockmarket investing and tax, new LRBA rules for SMSFs 03/09/18

Client Tax and Super Newsletter-Sep-2018

Both self-employed and employed Australians can now consider tax incentives to be better able to save for retirement. In the SMSF arena, another change to the superannuation rules could lessen the appeal of borrowing to invest.

Our broad overview of tax and the stock market is worth reading if you’re looking into shares. This article  should also be of interest to cryptocurrency traders.

We look at a convenient GST apportioning option to cover private use. On the matter of GST, we consider the compliance steps that may need to be taken should the “use” of an asset change.

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

References:

The legislation for GST annual private apportionment can be found here (subsection 131-5). For changes to the LRBA rules, see this Bill.

Send this to a friend