Author: hiltonadmin

This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to.

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A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest. Ruling TR 2019/2 replaces an earlier ruling on the same topic that has since been withdrawn (TR 93/7W), and spells out the circumstances when penalty interest is generally deductible and the situations where this is not the case.

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Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.

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This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2018-19 year. While the best strategies are adopted in July (that is, as early as possible in a financial year and not at the end), it’s worth remembering proper tax planning is more than just sourcing bigger and better deductions. The best tips involve assessing your current circumstances and planning your associated income and deductions.

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There will in all likelihood come a time when you will need to wind up your self-managed superannuation fund (SMSF). The reasons for winding up are many and varied, but could include:

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Division 293 was introduced about five years ago, and is intended to even out the concessional tax treatment that higher income earners enjoy on some superannuation contributions. This results from super contributions made before tax being taxed at 15% within a fund, and the higher relative difference in marginal rates for high income earners compared to the average. (more…)

This non-exhaustive checklist of business deductions is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. (more…)

A stocktake can be an important part of running a business. But does your business need to do a stocktake this financial year? If you buy or sell stock, recent law changes could affect whether you need to do one this income year. (more…)

This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. (more…)