Wondering if you’re eligible to claim the CGT concessions can be settled by answering a few basic questions. In addition to the capital gains tax (CGT) exemptions and rollovers available more widely, there are four additional concessions that allow a small business to disregard or defer some or all of a capital gain from an...

The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the individual in their own name or through an entity such as a business. The rules do not apply to income earned from...

Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow The headline above may give the impression that electronic invoices are a futuristic concept, but of course even today there is a version of e-invoices — think PDFs and other electronic documents that can contain...

Access our Wallace Partners Client Information Newsletter December 2019 below: Wallace Partners CIN December 2019

Not keeping lodgements current or missing reporting deadlines are some of the key indicators to the ATO that a business may no longer be operational. It says it uses information from tax returns, other lodgement activities and even from third parties to help it decide whether ABNs are still being used. The ATO has announced...

Employers know that popping a champagne cork or two to celebrate the festive season lets staff know their efforts are appreciated, but the well-prepared business owner will also know that a little tax planning can help ensure that it’s not the business that ends up with the FBT hangover. Three benefits generally provided for the...

There is a rule in the tax law that allows a business that doesn’t use simplified depreciation to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets. Known as the threshold rule, this can help small business owners save time as well, because you don’t need to decide...

The majority of people who set up their own SMSF say that “control” is a big reason for doing it. There is flexibility and benefits in running your own superannuation fund, but it is also a big responsibility to make sure your fund grows and provides for your retirement. Preparing an “investment strategy” is one...

The super downsizer scheme started on 1 July 2018 and has allowed older Australians to sell their homes and contribute up to $300,000 of the proceeds from the sale into super. Recent figures from the ATO show that more than 5,000 people Australia-wide have made this type of contribution, with 55% being made by females. You...

Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents when moving home (either paper or electronic), or technology failures that end up with the same result (or at worst even destroy...