The Tax Office has recently issued a tax determination to guide business owners on the value it expects will be allocated to goods taken from trading stock for private use for the 2013-14 income year. The table below should be used to work out these values. The basis for determining values is the latest Household...

While many of us may feel that we’re already paying enough to the taxman, recent Organisation for Economic Co-operation and Development (OECD) data reveals that Australia is in fact the fifth-lowest taxed nation of the 34 OECD member countries. (Statistics are taken from 2012 or the latest available year.) Australian total tax revenue was measured...

The term “asset class” describes a set of investment options that are grouped into a similar area or type. The main asset classes are cash, fixed interest, property and shares.  There is also a group of investment products that have tended to be labelled “alternative” as they don’t readily fit into the parameters of the...

Eligible businesses should be focusing on the preparation and registration of any research and development (R&D) tax incentive claims for the 2012-13 financial year, as the deadline for doing so (April 30, 2014) is fast approaching. Registration of claims for the R&D tax incentive can take place up to 10 months after the financial year...

There are some new rules being introduced after July 1 this year that will affect SMSF trustees: the SMSF registration and rollover process will be amended to reduce the instances of funds being illegally released from SMSFs proof of identity checks will be required for all people joining an SMSF, whether they are establishing a...

The superannuation and tax provisions offer incentives for Australians to save for their retirement. These savings may be handed over, typically to a public offer fund to manage on one’s behalf, or they may be managed directly by you. Managing your own retirement savings however is a huge responsibility and one that should not be...

Draft legislation closely tied to the repeal of the Minerals Resource Rent Tax (MRRT) has been cleared by the lower house of Parliament and if fully legislated, as is expected, will mean the present instant tax write-off for “individual” assets costing less than $6,500 (GST exclusive) will be reduced back down to $1,000. This measure...

Most business owners know that they can claim a deduction for paying a registered tax agent to prepare and lodge their tax return. However many may not know that the regulations that provide for this deduction operate in a different way compared with other tax rules that allow expenses. Why should taxpayers care which particular...

Start up businesses need to make one important decision from the outset – what type of business set-up will suit you best? You’ve got a choice of four basic business structures – sole trader, partnership, company or trust. Of course, there are also more sophisticated structures out there, but most possible structures are essentially hybrids...

There’s a warning that sharemarket investors will hear at least once in their lives in some form or other ­– base decisions on investment merit, not on trying to save tax. It’s a maxim that has been put a more colourful way: Don’t let the tax tail wag the investment dog. Wise words; but don’t...