News
Time Is Up For Dodgy Accountants
We absolutely love that the ATO has singled out the presence of about 500 dodgy tax agents in the Aussie tax community. The ATO assistant commissioner, Adam Kendrick, has recently spoke about these dodgy agents eating into market share of good quality, well trained tax agents…
Online Accommodation Rentals To Be Targeted By ATO
Australia has seen a huge surge in property owners renting their house or rooms out via the likes of the hugely popular Airbnb app. As a result, the ATO are now going to gain access to data match these online platforms.
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Rental Bond Data Matching By The ATO
The ATO is expanding its data matching program to include rental property bond data dating back to 20 September 1985 (the introduction of the CGT regime).
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Property Investment for Small Business Owners
In small business, a key asset protection strategy is to set up an investment trust outside of your main trading trust.
This investment trust is what buys your investment property.
You need to do this because you cannot have it in your name as the director of the company who is running the business. This is far too risky in a litigious society.
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Business Intuition Is Not Bullsh!t
Our multi-millionaire clients all have five things in common. If you plan to boost your bank account to seven or eight figures, read on.
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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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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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