Tax
Death and Small Business CGT Concessions
They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.
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Clothing Deductions Hung Out To Dry
The ATO says that clothing claims are up nearly 20 per cent over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having spent the money, and not being able to explain the basis for how the claim was calculated.
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Your Income is Your Number One Asset
When starting out in small business, you have to take 100 per cent responsibility for the income you’re going to generate. That means you need a defensive strategy in place for your income.
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Two Directors is Wrong, Wrong, Wrong
I will give you a second strategy for asset protection in business. This one is really simple.
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The Fall Guy
We want nothing of any value in the fall guy’s name. Absolutely nothing! It’s not a perfect world. Bad things sometimes happen to good people. So if a business falls over the fall guy can go with it but hard earned assets built along the journey MUST be fully protected.
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GST On Property - Will It Affect You?
There have been some changes to how GST on new properties is accounted for. These changes are now law, coming in as of 1 July 2018. We are now seeing a number of clients asking how this will actually work.
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What Do You Need to Know About Airbnb?
So, there are extra rooms that you don’t use and it’s just occurred to you that the extra cash that could come in from renting a room or two on Airbnb outweighs the negatives of having a complete stranger in your home...
OK, what do you need to be aware of?
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2018 Tax Checklists
We have taken the time to prepare comprehensive Tax Checklists for 2018, designed to guide you in providing all the correct and relevant information to maximise your tax return.
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