2019-20 Tax Rates and Thresholds Guide 07/08/19
To save you having to laboriously search for the right tax rate of relevant threshold, the essential information is right here in one place – follow this link: 2019-2020 Tax Rates and Thresholds Guide Electra Frost Accounting.
This Guide includes tax rates, offset limits and benchmarks, rebate levels, allowances, essential super as well as FBT rates and thresholds (including current gross-up factors) and student loan repayment rates.
For other tax news, please see our BLOG PAGE.
March 2019 Tax & Super Newsletter || Claiming losses for a similar business, non-deductible payments where no withholding, GST and digital supplies, travel to rental properties, property valuations. 04/03/19
In this month’s edition:
Claiming losses when a company changes: A business could find their task a little easier with a more relaxed version of the “same business” test put in place by the ATO.
No more deductions for payments with no tax withholding: We also warn about the new rules that can deny a deduction for some business payments if certain reporting obligations are unmet.
GST and the digital market place: Australian GST-registered businesses need to advise their non-resident suppliers of status.
Reminder: travel expenses and rental properties: It’s been more that a year since claims of travel expenses in relation to rental properties have been denied. We revisit the exceptions.
When is a property valuation required? We also remind of the at-times forgotten role that valuations can play with regard to tax and property.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
For more on “similar business test”, see Law Practice Ruling LCR 2017/D6. For the voluntary disclosure forms mentioned in the article on non-compliant payments, see here. And for more on GST on imported services and digital products, see this ATO webpage.
Feb 2019 Tax & Super Newsletter || Start-up investors’ tax incentives. Car claims. Itinerant work. Personal Services Income in SMSF’s. 06/02/19
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”.
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
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
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.
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.