The ATO have confirmed that even when a vehicle is only registered in their spouses name a taxpayer is still considered to be the joint owner or lessee of the motor vehicle and eligible to claim expenses. This means where … Read More
Some employees need to transport heavy or bulky equipment to and from their work place each day to perform their job. This is often the case with engineers, plumbers, electricians, builders, mechanics, defence force members, musicians and medical practitioners, etc. … Read More
Parliamentary update Editor: The ongoing citizenship saga in Parliament has resulted in the Government losing its one-seat majority in the House of Representatives, thanks to the resignations of Barnaby Joyce and John Alexander. By-elections have been scheduled in the relevant … Read More
Reporting of transfer balance account information Editor: The recent superannuation reforms introduced the concept of a ‘transfer balance account’, to basically record the value of member balances moving into or out of ‘retirement phase’. In order to monitor these amounts, … Read More
No small business tax rate for passive investment companies The Government has released draft tax legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses of 27.5%, but will still pay tax at … Read More
The old adage “You don’t know what you don’t know” applies to many areas of life, including what you can claim on tax. Small business owners are generally well clued up as to what they can claim as a tax-deductible … Read More
If you don’t know your numbers in business you might as well play roulette! If you feel a little confronted by my statement, let me explain… …knowing how your business performs financially is at the front and centre of your … Read More