Laterals Chartered Accountants

Accountants Goulbourn

The News this May

by Leave a Comment

While a lot of the benefits a business can provide to employees will bring an FBT liability with them, this is not the case for every benefit. We look at what you can consider that are also FBT-free. And if staff are looking to salary package, we also run over the possibilities. Have you already lodged a BAS but forgot to include an item? Don’t panic. There are ways around it, and we can help. We also consider the tax implications that can arise through making claims on a holiday house, and raise the delicate topic of cognitive decline among older SMSF trustees. Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. LATERALS-May-2016

Client Information Newsletter – April 2016 issue

by Leave a Comment

While your business might own some tempting assets, be careful when making use of these for your personal enjoyment, as this could trigger a tax liability. And if you are considering changing the structure of your small business, a new measure means you might in certain instances no longer trigger CGT. SMSF trustees note; it is essential that you know the difference between a binding and a non-binding death benefit nomination, so we run over what these mean. And speaking of legacies, every successful business owner should ideally have a succession plan in mind. We also look at travel expense claims, how these differ from the living away from home allowance, and also how the ATO is getting help from insurance companies to uncover undisclosed wealth. Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. LATERALS-April-2016

Some light reading for the holidays

by Leave a Comment

If you are building a new home or repairing an old one, there is a concession that allows you to extend the period when you are able to claim the main residence CGT exemption, even if you are not living in that dwelling, if circumstances are right. And as there still seems to be lingering confusion on the $20,000 small business pool write-off, we run over all the details. The cut to the small company tax rate is welcome, but there is a dividend franking implication that you need to keep an eye on. We also briefly explain what “adjusted taxable income” is, and survey the tax landscape from a cyber security point of view. Please contact this office for clarification, or further advice, regarding any of the topics covered in this newsletter. LATERALS-December-2015

The News this November

by Leave a Comment

Everyone likes end-of-year Christmas parties, but there’s no reason to rack-up a tax bill while celebrating. In our latest Newsletter we list five tips to keep the fun tax-free. And while getting a valuation is sometimes necessary, you need to make sure there are no negative tax outcomes.

Like everyone, company directors have responsibilities. The potential problem for directors however is that they can be held personally liable. We run over the rules.

Also this month we look at the circumstances that allow a deduction for the fees paid for training courses, the reality of bracket creep and tips to reduce the impact, and the necessary steps you need to take when winding up your SMSF.

Lastly this month is a copy of the Lodgement rates and Thresholds 2015 table.

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

LATERALS-November-2015 Newsletter

LATERALS rates and thresholds

October News

by Leave a Comment

If you haven’t heard of the “sharing economy” yet, it could be time to start to get familiar with this “new way of connecting buyers (users) with sellers (providers)”. Services like Uber, Airbnb, AirTasker and MenuLog are all in the Tax Office’s sights to ensure these new forms of business pay their full share of tax. We also run an eye over various rental property claims that continue to be misunderstood, look at the Tax Office efforts to match credit card data with declared income, and spell out the more common traps that SMSF trustees can still fall into. We also reveal a handy tip about claiming a portion of professional association membership costs, even after retirement. There are certain tax breaks made available to the small business sector that every small business owner should know about, so we spell out what is available. We also look at how the tax system treats children’s income, spell out the top tax mistakes that small businesses keep making, and discover that there is such a thing as a deductible cup of tea. Please contact this office for clarification, or further advice, regarding any of the topics covered in this newsletter.

June 14 Newsletter

by Leave a Comment

Our June Newsletter is now out. Some great guidance on how the ATO is going to handle the $6,500 instant asset write-off and $5,000 immediate deduction for Motor Vehicles whilst they wait and see whether the Government is going to be able to retrospectively remove the conditions. Plus a whole heap of tax planning tips and tricks! 

Contact Us

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