Our latest updates

ATO plays Scrooge at Christmas, of course

Christmas parties are usually either not tax deductible as "entertainment" or there can be Fringe Benefits Tax payable. The only way to make a Christmas party tax deductible is to put on what could be considered an underwhelming event: the party would need to be held on business premises with only employees and or clients in[...]

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Super changes passed sans retrospectivity

Legislation to implement the Federal Government's changes to superannuation has now passed through Parliament and is set to become law. While further restrictions have been implemented, at least the retrospective element of the original proposal has been ditched. At left is a neat table summarising the changes.     [...]

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Index: Still hard to beat

Most active fund managers fail to provide any extra value to justify fees charged. The latest mid year 2016 S&P Dow Jones report makes difficult reading for most active managers and their investors. 60% of Australian general share funds underperformed the index (S&P/ASX 200) over one year and over 5 years the number is 69%.[...]

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Daily Travel Allowances - 2017

The ATO has released updated figures for daily travel allowances, which apply for the current financial year ending 30 June 2017. Travel allowances can be paid by an employer (e.g. a practice trust) to an employee (the medical or dental practitioner) to cover costs of accommodation and/or meals while travelling for business involving at least one[...]

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Big 4 Banks: Cannot be beaten, so consider joining

So far, 2 (Westpac and CBA) out of our 4 major banks have lifted interest rates in response to increased capital requirements. The banks are unwilling to cede any ground when it comes to profitablilty. If adverse circumstances arise, they just increase their margins by jacking up rates. We have a unique banking industry in Australia -[...]

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Beware ATO Scammers

There are a lot of phone and email scams happening at the moment. Scammers purport to be representing the ATO. Two clients have recently been targetted by phone scammers. We have received fraudulent emails asking for client information. These emails have been referred to the fraud investigation team in the ATO. We do receive genuine calls from[...]

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Tax reform: Don’t worry, be happy

Big 4 accounting firm KPMG is the latest organisation to call for tax reform. Negative gearing, superannuation tax breaks, capital gains tax discounts and increasing the rate of the GST are some of the topics on the agenda. Change is inevitable, regardless of which of the two major parties is in power. Our stance is to[...]

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Don’t forget depreciation

While reviewing a new client’s prior year tax returns last night, I noticed that there was no depreciation claimed on a rental property. We are now able to revise returns for four years and claim over $24,000 in tax deductions. Client with rental properties, whether commercial or residential, should be claiming depreciation deductions. Depreciation deductions are[...]

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Deductible expenses owing as at 30 June 2015

Please bear in mind that most deductible expenses do not necessarily have to be paid by 30th of June 2015 in order to be deductible in the 2015 year. The general section of the tax law which allows tax deductions states that an expense must be ‘incurred’ in order to be deductible. It does not[...]

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Timing of tax savings: June tax instalments

As tax is paid quarterly through PAYG instalments, it is not necessary to wait until lodgement of the 2015 tax return in order to get the tax benefit of, say, a large or double superannuation contribution. If taxable income for 2015 is going to be lower than 2014 (due to superannuation contributions or any other[...]

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