Laterals Chartered Accountants
Accountants Goulbourn
When a good book just won’t do…
Compensation for financial wrong-doings, such as has been uncovered by the Royal Commission, may still attract tax. And with any investment, there are taxation issues to consider along the way. |
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We also look at the ATO’s use of “taxpayer alerts”, and the ins and outs of partnership agreements. |
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Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. |
It¹s nowhere near the end of the 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. |
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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. |
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Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. |
Crowdfunding is a relatively modern phenomenon, helped in no small part by the growth of the online world. But with revenue, of any sort, tax is generally something that has to be considered. |
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If you have already lodged your income tax return but then realise you left something out, don’t panic. We can help you make 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. We’ve had great success with Private Rulings for our clients over the years. We also examine the ins and outs of personal services income. |
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Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. |
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There’s a new option in place for self employed Australians to be better able to save for retirement, but another change to the superannuation rules (in the SMSF arena) could lessen the appeal of borrowing to invest. |
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We look at a GST apportioning option to cover private use, and also the compliance steps that may need to be taken should the “use” of an asset change. And we take a broad overview of tax and the stockmarket. |
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Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. |
They say that education comes with a cost, but that ignorance can cost you more. Self education is certainly worthwhile considering, especially as there can be tax breaks for the right sort of training. |
SMSF trustees are generally family or friends, but that doesn¹t mean there won¹t be arguments along the way to greater wealth, so we take a look at how to best settle disputes. Another prompt for dispute is between deceased estate beneficiaries if a will doesn¹t satisfy expectations, so we examine how this can (sometimes) be rectified. |
We also touch upon catching up on GST credits that have slipped through the cracks, and the exclusion clause the ATO has up its sleeve to deny a claim for a business loss. |
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. |
Not every retiree has heard of the government’s Pension Loan Scheme, but it’s about time more people did. And with Tax Time now upon us, we run over some tips for your tax return.
An integrity measure that businesses need to keep a close eye on, called Division 7A, is given the once over, as are the possible deductions available for insurance premiums, and we also provide a brush-up on partnerships in the form of a quick quiz.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
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. |
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At some stage, SMSF trustees will need to get their heads around the proportioning rule, so we run over the way this works. Also covered are the building and construction Taxable payments annual report, which is soon to be expanded to more industries, and a brush-up on statute barred debts. |
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Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. |
The Budget Newsletter
Undoubtedly the headline item from the budget is tax relief for individuals by lifting the 32.5% tax bracket to $90,000 from 1 July 2018 and the Government’s announcement of its intention abolish the 37% tax bracket in 2024-25. In the 2022-23 financial year we will also see the Low Income Tax Offset increased to $645 and the 19% tax rate from $37,000 to $41,000.
Health & aged care was a key focus for this announcement. In the build up to the budget, we heard that there will be no increase to the Medicare levy, as the National Disability Insurance Scheme (NDIS) has been funded from other sources of revenue. Whilst we do not know the exact details of where this extra money has been found, the abandonment of this proposed increase is certainly welcomed. The Medicare rebate is increasing by 55¢ for a visit to the GP after a four year freeze and the Royal Flying Doctors Service given an additional $84 million to expand its services.
The Government is also tackling the sin taxes in this year’s budget. After crackdowns in recent times on the black economy, the Government’s next project to recoup lost revenue is to establish a tobacco taskforce – expected to raise an additional $3.6 billion in additional revenue – to crack down on the “chop-chop” tobacco trade. With regards to alcohol, the excise charged on craft beer kegs over eight litres will be equalised. This is intended to level the competition between small craft breweries and large multinational beer producers.
The May Newsletter
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.
We also look at the “work test” required for super contributions to be made for those over the age of 65. In this issue of your newsletter we also deal with tax and franchising, the basics of testamentary trusts, and have a quick quiz (with answers) on business deductions.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
There’s a hidden danger lurking within the FBT rules that business owners should keep an eye on. Where a third party supplier is generous enough to include your employees, there’s a very real possibility that this could trigger a tax liability for that business. We run over 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 for clarification, or further advice, regarding any of the topics covered in this newsletter.
Laterals Head Office
213 Auburn Street, Goulburn, NSW 2580
Phone: (02) 4822 0555
Fax: (02) 4822 0777
Email: [email protected]
Hours of Business:
Monday to Friday, 9:00 am – 5:00 pm
Other times by appointment