Tax & Structuring

Soon-to-be-implemented changes to the Australian Consumer Law will provide additional protection to consumers and small businesses prohibiting the proposal, use, or reliance on unfair contract terms in standard form contracts. The ACCC recognises that “standard form contracts provide a cost-effective way for many businesses to contract with significant volumes of consumer or small business customers. [...]

Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year or if you have sold an asset this year and made a large capital gain. What [...]

The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to: individuals (but not foreign or temporary residents) complying superannuation funds (33% discount applies, not 50%) [...]

SCENARIO: I run a small business that requires me to travel quite a lot, particularly to country areas where I will often stay overnight. To save on accommodation costs, I have purchased a caravan. I have a business logo on the side of the caravan that is on display when I attend town shows and [...]

Early last month, the ATO issued a reminder about auditors. If you have an SMSF, you need to appoint an approved SMSF auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR). Your SMSF's audit must be finalised before you lodge, as you'll need some information from the audit [...]

Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately channel money or assets into your SMSF so you pay less tax. They may also include arrangements promoting the illegal early release of benefits from your fund for personal use. To assist you with identifying schemes that may [...]