There are various legitimate ways to go about minimising your business’s tax liability, with various straightforward tax deductions that most businesses can utilise. The general rule is that you can claim deductions for expenses your business incurs in its task of generating income. Many of these deductions are obvious – rent, materials, supplies and so...

With the 2013-14 financial year quickly drawing to a close, it would be the ideal time for individuals to undertake some tax and superannuation planning for the year. The checklist below outlines some pertinent matters to consider and provides planning tips for the 2014-15 financial year. The list is by no means exhaustive; consult this...

The announcement from the Federal Budget of a three year Temporary Budget Repair Levy on high income individuals (2% in excess of $180,000 — see our Budget report for details) will result in the top marginal tax rate increasing from 47% to 49% (inclusive of the Medicare levy). However there are a number of other...

The first section of this article outlines measures that are definitely going ahead come the new 2014-15 financial year, while the second section contains changes outlined in the recent Federal Budget that have yet to be legislated. It is prudent that taxpayers prepare thoroughly for the changes that are certainly going ahead, and keep the...

Rethink your business tax return strategy with the “debt levy” The almost definite passage of the government’s “debt levy” will directly hit many small businesses, particularly those that are unincorporated – which comprise up to 70% of small businesses – according to tax experts. The proposed new tax would kick in at an annual income...

Federal Budget 2014-15 Delivering his first Federal Budget statement, the Treasurer once again emphasised the tough decisions, the fiscal mess his predecessors left behind and the heavy lifting all of us have to do to fix it. However his statement was remarkably light on tax related measures, although he did acknowledge that a review of...

The recent passage of the Social Services and Other Legislation Amendment Bill has given rise to changes across a range of entitlements. Due to the delayed passage of the bill however, several amendments will take effect from a later date than initially proposed. We run through the various changes below and what they mean for...

Every couple’s “big day” will of course be marked more by flying champagne corks and numerous speeches of questionable quality, instead of the tax implications that go along with swapping rings. Having a general understanding of what it means to be a “spouse” under tax law can change the approach taken to certain financial arrangements,...

Last month, we compiled a guide on the questions you have to ask yourself before deciding to establish a self-managed superannuation fund (SMSF). But what if you already have one that you want to wind up? There could be many reasons you may need to wind up your SMSF: there are no members left –...

Did you know that the present $25,000 concessional contributions cap will increase to $30,000 come July 1, 2014? Many will welcome the $5,000 rise, seeing the cap of $25,000 has been in place since 2009-10. The imminent increase will bring about a range of changes to various contribution strategies for self-managed superannuation funds (SMSF) members...