Tips for bringing new investors into a Family business
At some stage of any business owner’s lifecycle, the idea of expanding the business will come to mind - The owner may be looking for capital to grow, incentivising key employees, or introducing another stakeholder who can offer expertise. The commercial drivers may...
Tips for claiming the small business instant asset write-off
One of the best tax breaks for small business is the instant asset write-off, which is a great way for business owners to acquire capital assets required for their business, and at the same time, getting a well needed tax break. Small and medium sized businesses with...
Casual Employees now have unfair dismissal rights
The Fair Work Commission has been increasingly expanding the rights of casual employees. And the Commission’s January 2020 decision against Bed Bath N’ Table now confirms that casual employees will be able to access unfair dismissal remedies. The facts of the case...
Factors to consider when hiring a Contractor
There's not one deciding factor that makes someone an employee or contractor for tax and superannuation purposes. As an employer, it's a decision that can be made only when the entire working arrangement has been reviewed. It's important to assess this correctly...
Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20
Treasury has released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20 forecasting a surplus of approximately $5 billion. Proposed new record-keeping course One new tax-related measure of note in the MYEFO was the announcement the ATO would be provided...
Claiming tax deductions for business travel
Businesses can claim a tax deduction for expenses on work related travel. However there are additional issues that need to be considered when a holiday is planned to coincide with the work trip, or there is so other private activity during the trip (e.g. catching up...
$30,000 instant asset write-off
The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset...
Tax cuts become law
The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low...
“Outrageous” deductions rejected
The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO's systematic review of claims had found, and disallowed, some very unusual expenses,...
Using the cents per kilometre method
The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making a ‘cents per...