Have you downloaded your free registered tax practitioner symbol?

  Have you downloaded your free registered tax practitioner symbol? That’s great, if you have!  If you haven’t, now is a great time to start using your symbol From 1 to 30 June the Tax Practitioners Board (TPB) will be targeting advertising to small businesses encouraging those who use a tax or BAS agent for

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More SIS compliance headaches on the way for SMSFs

  Trustees of SMSFs may be soon required to add the creation of a “retirement income strategy” alongside existing compliance requirements centring on investment and insurance. This would similarly require review on a regular basis. The covenants of investment and insurance strategies exist in the Superannuation Industry (Supervision) Act 1993 (SIS), with an additional retirement

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A commonly forgotten tax deduction: Association fees

  A commonly forgotten tax deduction is for subscription or membership fees to an association or union, which affects many professionals, business or trades people who will probably be members of some sort of association.  See taxation ruling TR 2000/7. Broadly, the test for deductibility under the rules is whether the payment is an outgoing

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Is your client Division 7A compliant?

  Division 7A of Part III of the Income Tax Assessment Act 1936 (ITAA36) is an integrity measure that was designed to prevent companies from making tax-free distributions to shareholders or their associates. This can occur where distributions of profit are disguised as loans or other transactions. This effectively allows the shareholder or their associate

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Small business concessions under the spotlight

  The CGT concessions for small business are important for qualifying businesses in that they can defer, reduce or remove liability to CGT. The government announced last year that it intended to tighten the eligibility factors for the CGT concessions that are generally available to small businesses, and it has just initiated the formal review

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