Changing details in your tax return after it’s lodged
Say for example that we have already lodged your 2017-18 tax return and forwarded your notice of assessment to you saying that everything is as discussed, but you then realise that something has been left out of your return, or you accidentally included an extra...
Private ruling facts you may need to know
There have been cases where people believe the idle talk about being able to coerce a better tax outcome by applying for a private ruling from the ATO, but there are some sober facts that you may need to keep in mind if you have thought of it yourself. Of course it is...
Crowdfunding and tax
Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or “help-your-neighbour” initiatives. But increasingly these days crowdfunding is viewed as a viable source of seed capital,...
Have you had a change in creditable purpose for GST reporting purposes?
Sometimes your business may end up using an asset you purchased, such as a property for example, in a way that is different to what you had originally planned. It pays to remember that if you claimed GST credits for assets that have had their intended use change from...
Will new LRBA rules stymie your SMSF contribution plans?
An “integrity” measure, which aimed to stop SMSF trustees from manipulating their total superannuation balance in order to keep below the $1.6 million threshold, may have the unintended outcome of reducing the appeal of LRBAs. Legislated changes to limited recourse...
Shares and tax: A stock market investment primer
Investing in the stockmarket is a lot more common than it was years ago, with ordinary Australians having experience with shares and the stockmarket either directly or through managed funds or via their superannuation fund. Recent research conducted by the Australian...
Self-employed? You could claim a deduction for saving for your retirement
A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super. Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an employer, you were...
Let a GST credit slip through the cracks? All is not lost
Most small business owners stay on top of their GST refunds, mainly because of cash flow concerns, but it’s not all that uncommon to now and then lose track of a credit. What quite a few small business owners may not know is that you have four years to claim any GST...
Your claim for a business tax loss can be denied
Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims....
How to deal with SMSF trustee disputes
Everyone goes through the odd rough patch in their relationships with one another and SMSF trustees are no different. However the ramifications of a dispute between trustees are likely to have more wide ranging affects than the average quarrel between friends as SMSF...