Tax when you’re headed overseas - Tax Accountants Brunswick
Most people’s “to-do” list when they are planning a trip overseas will likely include items such as travel insurance, phone chargers or taking photos of their passport — but probably the last thing on anyone’s minds will be their likely tax situation before, during or after that trip-of-a-lifetime.
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Businesses get increased access to losses - Tax Accountants Brisbane
In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more flexible “similar business test”. The new test will expand access to past year losses when companies enter into new transactions or business activities.
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Event-based reporting mistakes lead to more SMSF audits - Tax Accountants Bankstown
In the year since event-based reporting (EBR) started for SMSFs (from 1 July 2018) the ATO says an unprecedented number of transfer balance cap reports have required re-reporting.
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Business trading structures: What’s best for your business? - Tax Accountants Artarmon
When you have plans for starting a new business, one of the central decisions is which business trading structure will work best for your venture.
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Carrying forward concessional super contributions - Tax Accountants Werribee
The income year of 2019-20 has just ticked over, which is also the first year in which an individual is able to make additional catch-up contributions to super through the application of unused concessional (before tax) contributions.
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Penalty interest can be deductible, under specific conditions - Tax Accountants Willetton
A new ruling has been released by the ATO on the deductibility or otherwise of “penalty interest”. The term penalty interest refers to an amount payable by a borrower under a loan agreement when the lender agrees to an early repayment of a loan. The amount payable is commonly calculated by reference to the number of months of interest payments that would have been received but for the early payment.
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