Tax Planning Archives - Page 5 of 5 - Salisbury Accountants

Using stock for private use

September 16, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

ATO’s small business benchmarks and stock for private use

If your business takes items of trading stock for your own use, you need to record the value of the stock (excluding GST) so you can include it as part of your assessable income in your income tax returns.

Including this amount may help prevent your […]

Indicators of itinerant workers

September 13, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Bonafide ‘mobile’ work can open up more deductions

Digital capabilities, a growing “gig economy” and the changing nature of employment means that many Australians are becoming more mobile in their income-earning activities, or in some circumstances practically nomadic chasing work.

With the ATO on the lookout for “red flags” for taxpayers making false work travel […]

Low and middle income tax offset now law

September 11, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Personal Income Tax Plan changes now law

In the 2019–20 Federal Budget the Government announced its intention to change and build on the Personal Income Tax Plan.

These changes are now law.

From the 2018–19 income year:

The low and middle-income tax offset increases from a maximum amount of $530 to $1,080 per annum and […]

Low-cost assets and the threshold rule for your small business

August 30, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

The threshold rule allows a business to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […]

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Work expense deductions

August 28, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Myths (and the facts) about work expense deductions

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others.

Mainstream media only recently was peppered with reports about the ATO being faced with many outlandish tax deduction claims — dental expenses, gambling losses, Lego sets and […]

Tradies claiming tax deductions

August 26, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Tradies: Some tax claims pivot on how you operate

Working tradies need to be certain about what can or can’t be claimed on their annual tax return.

A lot of the time, what you can claim depends on whether you’re an employee tradie or a small business (that is, operating as a sole trader, partnership, […]

FBT and taxi travel

August 21, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

FBT exemption

Employers must pay fringe benefits tax (FBT) on certain benefits they provide to their employees in respect of employment.

However, some benefits are exempt from FBT or receive concessional treatment.

Taxi travel by an employee is an exempt benefit if the travel is a single trip beginning or ending at the employee’s place […]

Property development and tax

August 14, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Taxation compliance issues for property developers

The considerations facing the ATO are many and varied, but can include topics such as whether an agreement to develop and sell land is a “more realisation” or a disposal either in the course of a business or as part of a profit-making undertaking or plan.

A “mere realisation” […]

Is your small business income tax offset?

August 12, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

The small business income tax offset (also known as the unincorporated small business tax discount) can reduce the tax a business pays by up to $1,000 each year.

The offset is worked out on the proportion of tax payable on business income.

To be eligible, a taxpayer must be carrying on a small business as […]

If your business takes items of trading stock for your own use, you need to record the value of the stock (excluding GST) so you can include it as part of your assessable income in your income tax returns.

Digital capabilities, a growing “gig economy” and the changing nature of employment means that many Australians are becoming more mobile in their income-earning activities, or in some circumstances practically nomadic chasing work.

In the 2019–20 Federal Budget the Government announced its intention to change and build on the Personal Income Tax Plan.

From the 2018–19 income year:

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […] Read more

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others.

Working tradies need to be certain about what can or can’t be claimed on their annual tax return.

Employers must pay fringe benefits tax (FBT) on certain benefits they provide to their employees in respect of employment.

The considerations facing the ATO are many and varied, but can include topics such as whether an agreement to develop and sell land is a “more realisation” or a disposal either in the course of a business or as part of a profit-making undertaking or plan.

The offset is worked out on the proportion of tax payable on business income.

The rule is meant to help your small business save time because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature […]

Read more