When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in a Tax Office audit. The car log book is an important piece of tax substantiation for those who use their vehicle...

Creating and maintaining a website is expensive because it’s complicated. Lots of small businesses pay hefty costs to have their sites run because they don’t have the time or expertise to do it themselves. So here is some guidance on how you can go about claiming a deduction for your website development costs. Start-up costs...

The Tax Office has finally provided clarity on the need for self-managed superannuation funds (SMSF) in obtaining actuarial certificates where an SMSF converts to pension phase. According to the Tax Office, the SMSF does not need an actuarial certificate in the income year where all the members have converted all of their balances from accumulation...

Since July this year, scams targeting both individual and business taxpayers have been running rife. From fake Tax Office “delayed return” or “proof of identity” emails to telephone calls conveying similar requests, taxpayers have had to keep their guard up. So how can individuals and businesses protect themselves from online fraud and crime? Why are...

If you recently have or ever plan to apply for certain tax offsets, concessions or government benefits, the basis for eligibility can be determined based on your “adjusted taxable income” (ATI). Adjusted taxable income (ATI) is used to assess entitlement eligibility for Centrelink and Child Support Agency benefits, the Family Tax Benefit (both A and...

The recent cut to the tax rate for small incorporated businesses, while generally welcomed, can bring with it some important considerations when it comes to distributing franked dividends. The rate change to 28.5%, which applies from July 1, 2015, means that small businesses could easily frank dividends in excess of the underlying taxes paid on...

The temporary $20,000 immediate write-off for “small business entities” attracts regular queries, even though it has been many months since the initiative was first announced with the Federal Budget early this year. W hile most inquiries relate to claiming the immediate deduction, there has also been confusion about the rules in claiming general small business...

There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling. It is a widely recognised fact that capital gains tax (CGT) applies to a taxpayer’s principal or main residential property. And one of the...

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The government has said it is looking for ways to combat bracket creep – like making smaller brackets or adjusting them for inflation – but in the meantime, here’s how it affects the average working taxpayer. Jackie earned $179,000 a year (excluding super) during 2014-15. She sat in the $80,001 to $180,000 tax bracket, so...