A common question facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways that can be used, with each having unique taxation treatment. Outright purchase The advantage of purchasing a vehicle outright, as opposed to financing the acquisition of the vehicle, is that there will be...

For the many business owners who operate their affairs through discretionary trusts, there have been further developments on the ATO’s planned crackdown on certain distributions. Backstory To recap, the ATO in February updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of...

Superannuation is an investment vehicle specifically designed to help you save for retirement – this is one of the key reasons why you should take an interest in your superannuation.  Whether you’re employed, self-employed or even nearing retirement, it’s never too late to build up your superannuation to boost your retirement savings. Concessional tax environment...

Are you a small business owner selling your business or disposing of an active business asset? If so, did you know you might be able to disregard some or all of any capital gain by putting the proceeds into superannuation? Lifetime CGT cap If you are a small business owner and want to sell your...

Uber and other ride-sourcing facilitators have become increasingly popular over recent years. From a driver’s standpoint, there are a number of tax issues potentially in play. See the following article for the tax implications from a drivers perspective. Income Income from a driver’s ride-sourcing activities must be declared in their tax return irrespective of the...

The ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable view on what were previously understood to be legitimate arrangements. Background For many reasons, including...

Keeping good business records is important for a number of reasons. It assists you to: comply with your tax and superannuation obligations gain a greater insight into the financial health of your business, enabling you to make informed decisions manage your cashflow demonstrate your financial position to prospective lenders, and also potential buyers of your...

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf. Although it will generally...

Most businesses are familiar with how GST works. But here’s a few reminders to make sure you’re being compliant and maximising your GST claims. GST is paid at each step in the supply chain. and Businesses charge GST in the price of goods, services or anything else they supply, subject to various exemptions. If an...

Finally, some good COVID-19 news (at least on the tax front) for employers! Ever since the arrival in Australia of the Omicron variant in late 2021, the recommended test for detecting COVID has been the rapid antigen test (RAT). Indeed, for some employees, returning a negative RAT has been an ongoing condition of returning to...