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How To Complete a Motor Vehicle Logbook

When using the logbook method, your claim for motor vehicle expenses is based on the business use percentage of the expenses for the vehicle and covers running costs (fuel, repairs, rego, insurance etc.), depreciation, loan interest, lease payments (where applicable). In order to use this method, you MUST have completed a logbook for 12 consecutive […]

Why changing your business structure just got easier

New rules that apply from 1 July 2016 mean that small businesses can restructure their business operations without triggering adverse tax implications. Before the introduction of the new restructuring rules, if a business restructured from say, a partnership to a trust, there was a possibility that the change in structure could trigger capital gains tax […]

New Rules for SMSF Collectibles

Does your self-managed superannuation fund (SMSF) own a motor vehicle, artwork, wine, coins, jewellery or other collectibles? More stringent rules for how these collectible and personal use assets are managed come into effect for all funds from 30 June 2016.  While it’s important for all SMSFs to ensure that they are compliant with the rules, […]

Capital Gains and Property – Top Questions and Answers

The thought of the Australian Tax Office (ATO) sharing up to 50% of any gain you make on an investment decision is enough to strike fear into the hearts of most people. Given Australia’s love affair with property, it is little wonder that we are often asked about the impact of capital gains tax (CGT) […]

Tax Cuts On The Way?

Who doesn’t like a tax cut when they personally benefit from it? In a recent speech, the Treasurer said that personal tax cuts were required to prevent ‘bracket creep’ – that’s jargon for what happens when the tax rate thresholds don’t keep pace with inflation and more people are pushed into a higher tax bracket […]

Should your SMSF buy property in the United States?

One of the most common questions from clients with a Self Managed Superannuation Fund (SMSF) is, can I buy property? Followed by the second question, can I buy property in the United States? SMSFs provide investment flexibility for those that understand the rules. They can also be a significant liability if you get it wrong. […]

What now for the GST?

Fifteen years after the introduction of the GST in Australia debate still rages over what should be taxed and whether the GST rate should increase. Unless the Government changes the GST Act, any change requires the approval of the States and Territories. The Treasurers’ workshop late last month resolved to keep the GST rate at […]

Top Small Business $20k Deduction Q&As

In a recent speech, Small Business Minister Bruce Bilson stated that a lot of his time talking about the $20,000 immediate deduction for small business was convincing people it was not a hand out. Here are some of the common questions we are asked to help clear confusion. If I spend $20,000 how much will […]

Beware of Tax Scams

Every tax time is an opportunity for scammers to target the unwary. This time around, the scammers are phoning and claiming to be from the prosecutions department of the ATO. They then state that they believe you have committed fraud and the Sheriff’s Office has been called. You can of course make this all go […]

Landlords Beware – Key Issues for Property Investors

Are you relying on negative gearing? There has been a lot of negative conversation about negative gearing lately. But, if you are currently negative gearing your investment property, should you be concerned? Negative gearing is when you claim more in deductions than you earn for an income producing asset that you have purchased using debt. […]

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