News
Tax Services & Al
Recently the ATO commissioner Chris Jordan said a practice built on supplying “simple returns” needs to look at their business model. The ATO’s free products have come under fire by high volume tax agents, however, this is exactly the area where artificial intelligence will likely dominate and human intelligence may not be required.
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Do you use your car for work or in your business?
YES? ... You should speak with us here at Paris Financial about claiming this in your Income Tax Return. But, be aware that the ATO have strict rules about what and how car use can be claimed.
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Main Residence Exemption – The Burden of Truth
I would expect that the majority of property owners and investors have heard something about the “six year main residence exemption for Capital Gains Tax purposes”. If not, here is a brief rundown:
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What is a 'Cryptocurrency'
A cryptocurrency is a digital or virtual currency that uses cryptography or encryption for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
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Innovative investor incentives
If your innovative idea has real legs for commercialisation in business then the government has set up a tremendous incentive for venture capitalist investors. It’s a sign our politicians are wanting to support the innovation of entrepreneurial Australians and it’s also an indication of the global vision of these entrepreneurs.
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Small business restructure roll-over concessions
What happens if you are in the wrong structure? Have you ever had a chat with a colleague or mate and thought “why aren’t I doing that” or “I wish I could change the way my business works”.
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Great news for everyone running a small business!
The Small Business Entity threshold has increased to $10 million from 1 July 2016 onwards (became law on 19th May 2017). Previously the Small Business Entity threshold was $2 million. Basically, you are a Small Business Entity if you carry on a business and have an aggregated turnover of less than $10 million.
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UPDATE - Withholding tax on property sales
Last year we wrote an article detailing the new withholding tax introduced for properties sold to foreign residents. For any property sold for more than $2 million after 1 July 2016, the purchaser had an obligation to withhold 10% of the sale price.
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