Tax incentive for angel investors in start-ups

by Val Tse | Mar 15, 2019 | Start Up Business - Investor

For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying start-up businesses — or as the ATO has dubbed them, early stage innovation companies (ESICs). The incentives...

The ATO is looking for personal services income diverted to SMSFs

by Val Tse | Mar 15, 2019 | Income Tax, SMSF

The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services to their fund, which results in minimising or even avoiding tax altogether on...

Guide to making motor vehicle expense claims

by Val Tse | Mar 15, 2019 | Deduction - Motor Vehicle, Income Tax

A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming a deduction for motor vehicle expenses. Of course every person’s circumstances may be different, but the...

For certain travel expense claims, the term ‘itinerant’ needs clarity

by Val Tse | Mar 15, 2019 | Deduction - Travel, Income Tax

Being able to make claims for work-related travel expenses is generally an enviable deduction situation, and one that a good many taxpayers would like to achieve — especially given that the status of being deemed an “itinerant” worker brings with it an expectation of...

Consumers compensated by financial institutions still need to consider tax

by Val Tse | Mar 3, 2019 | Income Tax

With the ongoing financial services Royal Commission, and likely future cases brought before various courts for compensation — or indeed the present building of class action lawsuits on the back of various revelations to come out of the Royal Commission — the ATO has...