Author: hiltonadmin

In the run up to the end of the FBT year, the ATO reminds employers that a fringe benefit may be provided by another person on behalf of an employer, but may also be provided to another person on behalf of an employee (for example, a relative).

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Putting your money into bricks and mortar has been a traditional stalwart of investing for generations of Australians, and continues to be viewed as a solid place to park spare cash and build wealth in the long term. For many years a lot of us seem to have heeded the quote attributed to Mark Twain: “Buy land, they’re not making it anymore.”  (more…)

Recent legislation has introduced several superannuation rule changes. Among them is a new “transfer balance account”, which each recipient of a superannuation pension will be required to have. In other words, individuals receiving superannuation income stream benefits will need to keep a transfer balance account. (more…)

Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, records must be kept for five years.

But in practice, full compliance with the substantiation rules may be difficult. It may be simple to keep a receipt for a printer purchased for a home business, but not so easy to prove the deductible proportion of a specific utilities bill. So the ATO has provided some administrative guidelines to ease this burden. (more…)

There are certain behaviours, characteristics and tax issues that the ATO admits will attract its attention.

But as it is more interested to see taxpayers get things right rather than the bother, and expense, of chasing down every misdemeanour, the ATO has spelled out the areas that most concern it — that is, the incidents or details that are more likely to raise a red flag. (more…)

Unfortunately, having to deal with managing a deceased estate is a task many of us will have to shoulder at some stage in our lives — but having some familiarity with what’s involved beforehand will hopefully ease the burden. (more…)

Our Olympian contingent arrived back home from Rio with a collective 29 medals, eight of them gold, securing Australia 10th place overall. But our Olympic champions can take extra comfort in knowing that they are back in a country where self managed superannuation funds are consistently taking 1st place and standing on the highest podium to take the gold medal for best performance. (more…)

The ATO has a database of “small business benchmarks” against which it compares lodged information. But business owners can also benefit by using the small business benchmarks to compare their own performance. (more…)

The ATO has issued guidance on claiming mobile phone, internet and home phone expenses.

It says that if you use any of these for work purposes, you may be able to claim a deduction if there are records to support your claims. But the ATO points out that use for both work and private use will require you working out the percentage that “reasonably relates” to your work use. (more…)

At Hilton Partners we are a highly motivated team of professionals all dedicated to meeting your needs. Our Partners understand what does and doesn’t work in business and readily recognise the issues and identify the solutions in a thorough way. You’ll find that our solutions are built and implemented for maximum efficiency with a practical, cost-effective approach. (more…)