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

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

Travel to a workplace: what’s in, what’s out

Dianne KennedyUncategorized

A recurrent topic of conversation is when taxpayers can claim deductions for travel to a work location, and the eligibility or otherwise of certain claims in regard to that travel. Work-related travel is a hot focus area of the ATO as taxpayers can often get claims wrong for such expenses and costs. Indeed, over the past few years the ATO … Read More

Controversial super change scrapped: but other proposals need to be watched

Dianne KennedyUncategorized

At the time of writing, the new Parliament released the first batch of proposed changes to the superannuation regime, and among these was the announcement that the proposed $500,000 lifetime non-concessional cap is to be scrapped. (Non-concessional contributions are the most common type of superannuation contribution and are personal contributions made by the superannuation fund member for which no income … Read More

Setting up an SMSF: What you need to know

Dianne KennedyUncategorized

There are tempting tax incentives for Australians to save for their retirement via the superannuation system, with an array of choice between superannuation funds that can manage your savings for you, but also the do-it-yourself option of a self-managed superannuation fund (SMSF). Managing your own retirement savings however is a huge responsibility and one that should not be viewed lightly. … Read More

Renting out part or all of your home

Dianne KennedyUncategorized

Generally, if you rent out part or all of your home, the rent money you receive is assessable. This means that you must declare your rental income in your income tax return, but you can also claim deductions for any associated expenses. However, be warned. If you rent out part of your home, such as one room, you also may … Read More

Website? Check.. iPhone? Check.. Tax Status?…

Dianne KennedyUncategorized

You want to earn some extra income, preferably with the least amount of time and capital investment, while you’re still working a job. A healthy and sensible decision, but there will be tax considerations. Here is a case study about hobby farming. The same considerations apply to any activity you might think is a business, but could be a hobby … Read More

Novated leases explained

Dianne KennedyUncategorized

Wrapping a car into a salary package is a popular choice. Doing so by salary sacrifice often raises the topic of novated leases. Is it worth it? WHAT IS A NOVATED LEASE? Simply put, a novated lease is a way for an employee to buy a new or used car and have their employer assist in the organised repayment for … Read More

Work deductions: What’s on the taxman’s radar

Dianne KennedyUncategorized

The ATO says that this year it will pay extra attention to people whose deduction claims are higher than expected, in particular those claiming car expenses. The expenses the ATO says it will be scrutinising can include claims by those transporting bulky tools, and deductions for travel, internet and mobile phone as well as claims for self-education expenses. We can … Read More