A lot of people incorrectly assume that because they frequently work from home that they are therefore entitled to a deduction of a portion of their interest, rent, electricity, etc. The ATO has provided a ruling TR93/30 which gives their view on when home expenses are deductible and how much of those expenses can be [...]
Article topic archives: sydney accountant
Trust resolutions – impact of proposed changes
The Australian Government has released draft legislation to enable the streaming of capital gains and franked distributions enable changes to ensure that low-tax entities, especially exempt entities, cannot be used inappropriately to reduce the tax payable on the taxable income of a trust allow trust beneficiaries to continue to use the primary production averaging and [...]
Salary Packaging
The reduction in marginal tax rates and the increase in the threshold for the top marginal tax rate in recent years have impacted on the benefits of salary sacrificing certain items. However, salary packaging can still be tax effective for employees and can be a relatively simple way for employers to help attract and retain [...]
Tax Crime and the ATO Response
The ATO has recently released the fourth issue of it’s “Targeting tax crime – a whole of government approach” . Project Wickenby is an initiative by the ATO to identify tax crime and ensure that the government identifies those individuals associated with committing tax crime. The principal partner of Omega Partners has assisted a number [...]
Selling Property and using the Margin Scheme
When selling property people erroneously assume that the GST payable is equal to 1/11th of the sale price. However this is not always the case and you must consider the amount of GST payable when selling property. Assuming that you are registered for GST or required to be registered for GST then you may need [...]
Rental Properties – What can I claim
So you’ve just purchased your investment property and you are now wondering what you can claim on your tax return. Following are some of the common and some overlooked deductions that are available. Property must be available for rent It is important that the property is available for rent. This doesn’t mean that the property [...]
iPhone apps and business productivity
One of the most important parts of running any small business is making the best use of your resources. In practical terms, this means increasing productivity without spending a fortune. Several new iPhone apps allow small business owners and those who work for them to group similar tasks far more effectively, saving time and, most [...]
Subdividing the Family Home
Do you need to pay capital gains tax when you subdivide your family home from one block into two or more blocks ? Subdividing an original block into two or more blocks does not , in and of itself, lead to a capital gains tax event. It is considered for capital gains tax purposes that [...]
Christmas Parties and the Tax Man
If you’re planning your Christmas budget for your team and your clients there are a couple of things you need to know to keep the Christmas tax scrooge from ruining your Christmas celebrations. We take a look at what you can and can’t deduct and what is and isn’t likely to incur Fringe Benefits Tax [...]
Self Education Expenses
The High Court has released its determination in Commissioner of Taxation v Anstis in regards to deducting self-education expenses against Youth Allowance income. The Court held that the taxpayer’s self-education expenses were incurred in gaining or producing her assessable Youth Allowance income and were deductible even though the taxpayer was not employed in a relevant [...]