JMR PARTNERS NEWS RESOURCES
Never start a business just to “make money” START a business to make a difference
~ Marie Forleo
Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents…
It can sometimes be the case that spouses can have different main residences at the same time. When this occurs, special CGT rules apply to in effect provide only one CGT main residence exemption over this period.
The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations.
To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place.
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.
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 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.
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.
If you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, the ATO will generally allow that a taxpayer could be in a position to be able to claim some expenses and make some deductions.
Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the “same business” test.
For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying startup businesses — or as the ATO has dubbed them, early stage innovation companies (ESICs).
Going into new business with other people is exciting and can be extremely rewarding. A formal agreement can set the ground rules and stop owners getting caught out if things don’t quite go as well as planned.
The success combination in Business is: Do what you do better… and: Do more of
what you do…
~ David Joseph Schwartz