The process (and pros and cons) of “electing” to be a family trust

Dianne KennedyBlog

Trusts are an important and very useful concept for managing one’s financial affairs, as well as estate planning. A trust is established whenever there is a separation of the legal ownership (for example, the name appearing on a land title) from the beneficial (equitable) owner of an asset (in other words, the person that a court would deem to be … Read More

Extend the festive cheer (but in a tax- efficient way)

Dianne KennedyBlog

The festive season is here again. As with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some limits. When are donations deductible? A … Read More

Christmas party decision tree

Dianne KennedyUncategorized

This flowchart will help businesses work out the general tax implications of the year-end Christmas party. Christmas Party: Examples from the ATO Example 1 A small manufacturing company decides to have a party on its business premises on a working day before Christmas. The company provides food, beer and wine. The implications for the employer in this situation would be … Read More

Getting a tax valuation from the ATO

Dianne KennedyBlog

We all know the ATO is the guardian of the tax laws, administers tax regulations and can provide advice and guidance on how they apply. But not every personal situation fits neatly with the tax laws as they stand. Sometimes, an individual may need help understanding and meeting their tax obligations. In such circumstances, private rulings are one form of … Read More

5 tips to get home office deductions right

Dianne KennedyBlog

You might be sick of the daily commute, or want more flexibility of hours – or it could be that you have a talent or skill and feel sure that this can translate into a fulfilling career in your own business. Or it could just be that the idea of working from home seems to offer a better work/life balance. … Read More

Don’t let a tax debt put you in a spin

Dianne KennedyBlog

Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt owing to the ATO, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge. The Australian tax system operates under a … Read More

General facts about winding up your business

Dianne KennedyBlog

There are times where business owners, voluntarily or involuntarily, may need to wind up their business. It is generally less complicated to wind up the business of a sole trader (who has declared “bankruptcy”) than to wind up a business run through other structures. For companies, the terms typically used would be to “go into administration” or “liquidation”. More on … Read More

Start-up businesses: which is the right structure for you?

Dianne KennedyUncategorized

Start-up businesses need to make one important decision from the outset – what type of business set-up will best suit your enterprise now? And which structure will be best for the future? 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 … Read More