The ATO says that this year it will be paying extra attention to people whose deduction claims are higher than expected, in particular those claiming car expenses. These can include claims by those transporting bulky tools, and deductions for travel, internet and mobile phone as well as claims for self-education expenses. We can help you...

The ATO had previously held that limited recourse borrowing arrangements (LRBAs) which are not maintained on arm’s length terms need to be fixed before June 30, 2016.  Otherwise, this would give rise to non-arm’s length income (NALI). However, additional time has been granted and now trustees have until January 31, 2017 to rearrange their LRBAs...

The ATO has recently warned that it is continuing to see instances of scam emails, SMS messages or telephone calls where criminals try to steal money or information from taxpayers. These scams can be very convincing and many individuals fall victim to these each year. To avoid becoming a victim, it is important that you...

If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least prepared with some records or access to them. Being prepared is not only wise, but saves a lot of time and effort for both yourself and for us. If...

New withholding rules on the sale of property by foreign residents have been introduced – which essentially makes purchasers tax collectors. The government says this has been necessary as foreign investment in Australia, including in residential real estate, is increasing at an unprecedented rate. The rules will apply where real property contracts are entered into...

Wrapping a car into a salary package is a very popular choice, and doing so as part of a salary sacrifice arrangement often raises the topic of novated leases. What’s a novated lease? Simply put, a novated lease is a way for an employee to buy a new or used car and have their employer...

Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable. Examples of assets that could qualify for tax deductions may surprise many taxpayers, and can even include items such as kids’ cubby houses or garden gnomes which form part of...

This non-exhaustive checklist is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. Note that these deductions may not necessarily be available, and before deciding on the deductibility of an outgoing, the business’s particular circumstances should be taken into account. All businesses are required to maintain...

Trust structures and their use can often be misunderstood – we demystify some of the jargon. Why use a trust? Trusts are commonly used to protect assets, as property and other assets that are held by a trust have a level of protection from creditors. A trust can also maintain an estate until a beneficiary...

Nearly 80% of recently established self managed superannuation funds (SMSFs) operate under an individual trustee structure rather than a corporate trustee arrangement, according to statistics released by the ATO. Although the latter is the less utilised option, does that mean it is the less wise choice? We examine the pros and cons of each trusteeship...