News
Don't Ignore Those Tax Debts: The ATO Won't!
Whilst the ATO went out of its way to assist businesses doing it tough during the COVID lockdowns, a more robust approach to collecting outstanding tax debts now seems to be the order of the day.
Two "Main Residences" is Possible
The CGT exemption for a person’s home is only available in respect of one home owned at any given time.
Taken Goods for Private Use? Here's the Latest Values
The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes.
Lost or Destroyed Tax Records? Don't Panic!
Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim.
Give Yourself a Super Gift This Christmas
Give yourself the ultimate gift that doesn't cost a thing – a super to-do list which is a gift that will benefit you now and in the future.
Adapting to changing weather and economic conditions
Staying ahead of the curve is essential. As we continue to witness the impact of changing weather patterns and economic fluctuations on farming operations, it becomes increasingly clear that adopting smart financial farming strategies is not just beneficial - it's crucial
Cyber-attacks
Cyber-attacks are always prevalent and reaching the news headlines more and more frequently. Bad actors can do a lot of damage to your data and systems. And they're always finding new ways to break in. So, at Forsyths we urge you to be careful and protect yourself online.
How to nominate a superannuation beneficiary
There are many types of nominations offered by different funds. Knowing which one suits your circumstances is key to ensure your superannuation ends up in the right hands.
Qualifying as an interdependent or financial dependant
A question that often gets asked when dealing with death benefit nominations is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as a dependant and therefore allow them to receive a death benefit.
When two bonuses are not enough... Introducing the Energy Incentive!
If you’ve been putting off upgrading the inefficient office air-conditioner, a new 20% bonus deduction might just be the incentive you need to help beat the heat before it arrives with a vengeance!
Who is a resident for tax purposes?
A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a ‘citizen’ of Australia.
Are you eligible to make a personal deductible contribution?
Personal deductible contributions can allow individuals to claim a tax deduction for contributions they have made to superannuation provided they meet certain requirements. So what are these requirements and what should you look out for?
Don’t overlook the CGT small business roll-over concession
The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free if paid into a superannuation fund.
Small business skills and training boost
Looking to boost your employees’ skills and your tax deductions at the same time? Then keep reading to see if you could be eligible for the small business skills and training boost!
Property developers – and would-be ones – beware!
For property developers (or would-be property developers) a recent decision of the Federal Court may be of interest.
Changes to unfair contract terms laws: What businesses need to know
Soon to be implemented changes to the Australian Consumer Law will provide additional protection to consumers and small businesses prohibiting the proposal, use or reliance on unfair contract terms in standard form contracts.
How to reduce your income tax bill using superannuation
Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year or if you have sold an asset this year and made a large capital gain.
Costs of a caravan/motor home for work-related travel
In these challenging and changing times, many have jumped on the modern version of the proverbial band wagon and purchased a caravan or motor home to use for work or business-related travel.
Appointing an SMSF auditor
Early last month, the ATO issued a reminder around auditors. If you have an SMSF, you need to appoint an approved SMSF auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR).
Discounting your capital gain
The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more.
Avoid schemes targeting SMSFs
Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately channel money or assets into your SMSF so you pay less tax. They may also include arrangements promoting the illegal early release of benefits from your fund for personal use.
Self-education: when is it deductible?
If the subject of self-education leads to, or is likely to lead to, an increase in the taxpayer’s income from current (but not new) income-earning activities, a deduction for self-education expenses incurred will be allowable.
Thought of registering a trademark for your new business?
The ATO has issued a reminder around trademarks! For background, a trademark legally protects your brand and helps customers distinguish your products or services in the market from others. Trademarks can be used to protect a logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging or any combination of these. In short, they protect your brand, products and services.
R&D reminder
The ATO has issued a reminder for companies wishing to claim a tax offset for their R&D (research and development) activities. The reminder was issued in the context of the ATO’s success in the Federal Court decision T.D.S. Biz Pty Ltd v FCT.
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