Some money is not counted as ‘income’ by the ATO
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.
Refinancing loan interest may be deductible to a partnership
A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.
Managing your superannuation transfer balance account
Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually need to flex the grey matter.
When it comes to real estate and CGT, look at timing
When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs:
New insolvency reforms to support small business
The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19.
APRA annual report on superannuation
The latest annual statistical report from APRA has been released, covering the 2020 income year but only made public at the end of January 2021.
New Director Identification Number regime may be just around the corner.
The Director Identification Number (DIN) regime may have been lost in many business owners’ peripheral vision, or even dropped off the radar completely, as it has been on the horizon for some time.
Used goods for private use? Here's the latest values.
This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.
Unexpected lump sum payment in arrears? There’s a tax offset for that!
A lump sum payment in arrears is a payment you may receive that relates to earlier income years.
A hand up for small businesses on cash flow.
The ATO has produced a “Cash Flow Coaching Kit”, which is a free resource and designed as a value-add advisory tool for small business owners.
Vehicle benefit FBT treatment changes under COVID-19.
The special circumstances that coronavirus has thrown our way looks like having some very practical outcomes on certain areas of fringe benefits tax.
Update your ABN ... or miss out!
Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support.