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- Christmas party held on the business premises
- Christmas party held off the business premises
- Christmas gifts
GIFTS AND DONATIONS
Organisations that are entitled to receive tax deductible gifts are called ‘deductible gift recipients’ (DGRs). You can only claim a tax deduction for gifts or donations to organisations that have a DGR.
Deductions for gifts are claimed by the person that makes the gift (the donor).
To claim a tax deduction for a gift, it must meet four conditions:………..
PERSONAL USE ASSETS
Personal use assets are CGT assets, other than collectables, used or kept mainly for the personal use or enjoyment of you or your associates. Any personal use asset you acquired for less than $10,000 is disregarded for CGT purposes.Read Newsletter
NOW YOU SEE IT, NOW YOU DON’T… THEN YOU DO!
..referring to the A.T.O. practice of writing an individual’s tax debt off as “uncollectable”, only to re-instate it at a later date.
HOW TO AVOID AN UNFAIR DISMISSAL CLAIM WHEN CARRYING OUT AN EMPLOYEE REDUNDANCY
..The NES provides for up to 4 weeks’ notice of termination (5 weeks if the employee is over 45 and has been in the job for at least 2 years) and up to 16 weeks redundancy pay.
CHECK NOW FOR YOUR SHARE OF $17.5B IN LOST SUPER
On 5.9.2018, the Morrison Government announced that the Pension Age will remain at 67 and will not be raised to 70.
AUSTRALIA’S VERSION OF A DEATH TAX
..In the United States there is a federal estate tax, with some states imposing a further death tax. In Australia there is a potential death tax of 15 per cent (or 17 per cent when it includes the Medicare levy) that can apply to superannuation death benefits…
CENTS PER KILOMETRE DEDUCTION RATE FOR CAR EXPENSES 2018
The Commissioner of Taxation has determined that the rate at which work-related car expense deductions may be calculated using the cents per kilometre method is 68 cents per kilometre for the income year commencing 1 July 2018 (up from 66 cents per kilometre).
TOP 10 TAX MYTHS
- Myth: Everyone can automatically claim $150 for clothing and laundry, 5000 kilometres for car related expenses, or $300 for work-related expenses, even if they didn’t spend the money.
- Myth: I don’t need a receipt, I can just use my bank or credit card statement.
- Myth: I can claim makeup that contains sunscreen if I work outside.
- Myth: I can claim my gym membership because I need to be fit for work.
- Myth: I can claim all my travel expenses if I add a conference or a few days’ work to my holiday…….
The Demise Of Trading Names To Move To A National Business Name Registration Service..
It Is Now More Difficult To Be A Non-Resident!..
…Australian tax residents are taxed on their world-wide income. For taxpayers who are living and working overseas, the difference between being a non-resident and tax resident will often mean a significant tax cost. In a number of overseas jurisdictions particularly the United Arab Emirates, Australians pay little or no tax.
Two Clicks At Tax Time And Your Super Is Sorted..
…Most people under 75 years of age can claim a tax deduction for personal after-tax super contributions. Personal superannuation contributions deductions (PSCD) provide a level of flexibility for young people that change jobs frequently, self-employed contractors, small business employees, freelancers and people whose employers do not offer salary sacrifice arrangements.
Australian Senate Economics Committee Hands Down Report On Corporate Tax Avoidance..Read Newsletter
Barnaby And Tax..
SBE’s And The Cash Economy..
…Also, deductions will be denied for wages if businesses do not withhold and remit PAYG when there has been a requirement to do so. This added burden on a business over and above the existing penalties for not properly accounting for PAYG, will effectively use good businesses to police the cash in hand contractors.
Tax Changes Effective 1.7.2018..
…Immediate $20,000 write-off of depreciable assets
The Government has extended the immediate deductibility of assets costing less than $20,000 for small business entities (those with an aggregated annual turnover of less than $10 million) to 30 June 2019.
Proposed Superannuation Guarantee Amnesty..
Capital Gains (CGT)
If you have enjoyed a large capital gain this financial year, there may be CGT implications. Consider whether you are sitting on some capital losses (typically shares) and consider realising them prior to 30.6.2018. The ATO does not like ‘wash sales’, i.e. when shares are sold and purchased back on the next day…so speak to us first concerning this.
Another option is to contribute funds into tax deductible super. Note that all individuals have an annual limit of $25,000 across all employers and individual contributions. Be sure not to exceed this limit.
All business owners and Individual entities should be aware that they need to start the year-end tax planning process early to maximise opportunities. There are many ways that entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable income.
Of course, those undertaking tax planning should be aware of the potential application of anti-avoidance provisions. However, if done correctly, tax planning can provide some great tax savings.Read Newsletter