The government this month introduced into Parliament a bill to establish an independent Australian Small Business and Family Enterprise Ombudsman. If passed by the Senate, it will replace the existing Australian Small Business Commissioner as an advocate and assistant to the sector. The government first announced details of the Ombudsman in 2013, intending that it...

As a general rule, travel from your home to your workplace is not allowed as a deduction because it constitutes a “private expense”. There are however circumstances when you may be entitled to claim some of these travel expenses, or even travel costs to an alternative workplace. But it is a minefield that needs to...

The Tax Office issues guidance every year for business owners on the value it will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in certain industries. The table below should be used to work out these values for the 2014-15 income year.   Type of business...

There are a variety of decisions that are required to be made at year end to manage your tax bill.  Your choice will be based on your businesses activities both past and future and also when you are looking to exit. In relation to deductions, the general rule is that you can claim deductions for...

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 2014-15 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...

To get your superannuation into its best tax position, for this year-end and into 2015-16 and beyond, consult this office on which strategies suit you best. But to start with, the following tips may help point your thoughts in the right direction. Maximise after-tax contributions Double-check your non-concessional (after-tax) contribution figures to make sure contributions...

Auditors play a crucial role in the compliance regime of self managed superannuation funds (SMSFs). The legislation that governs the SMSF sector requires that accounts, statements and all compliance needs of an SMSF be audited every year by an “approved auditor”. Further,  this auditor must be a third party that operates “at arm’s length” to...

In general terms, the Tax Office takes the view that expenditure associated with a person’s place of residence is more likely to be of a private nature. However if you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, you will generally...

Many companies, or even whole industries, offer their customers loyalty award-based incentives programs. These programs, such as the “Frequent Flyer” and “Fly Buys” schemes, are designed to reward customers for purchasing or using a company’s goods and services (or indeed, those of its affiliates). As a result of one particular court case, the Tax Office...

The Tax Office stipulates that a business must use “ordinary time earnings” to calculate the minimum compulsory superannuation guarantee contributions for employees. It says that using ordinary time earnings will ensure all eligible workers are treated the same, and will have a fair amount of super guarantee put away. But what exactly is “ordinary time...