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Christmas party decision tree

This flowchart will help businesses work out the general tax implications of the year-end Christmas party. 1: Minor benefit exemption must be less than $300 per benefit, provided on an irregular and infrequent basis, and satisfy other relevant conditions. 2: Income tax treatment for entertainment expenses determined under tax law.…

Does your SMSF need a valuation?

Since 7 August 2012, a mandatory requirement by regulation came into force, and now aligns SMSFs with accounting principles. Consequently, for the 2012-13 and later financial years, SMSF trustees are required to use market values for the purpose of preparing year-end financial accounts and statements. Why assets need to be…

Shopping for a “luxury” car?

Beware of the luxury car tax You can judge whether a car is luxury or not, according to the government, if it costs more than $64, 132 for 2016-17. It’s not an over-the-top price tag if you’re considering true luxury, but it’s enough to cop an extra tax. What you…

Home office deductions:

Home Office Deductions What substantiation will the ATO accept? Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, it is a requirement that records should be kept for at least five years. But in practice, full compliance with the substantiation rules…

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