JMR PARTNERS NEWS RESOURCES

Never start a business just to “make money” START a business to make a difference
~ Marie Forleo

The approach to tax when you’re working from home

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.

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Tax incentive for angel investors in start-ups

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).

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Three-quarter FBT year compliance check-up

As the FBT year runs from 1 April to 31 March, the months of October to December mark the “third quarter” of the FBT year, and so, as an early fix before year’s end, here is an overview of the FBT elements that can attract the ATO’s attention.

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Claiming self-education expenses

The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career.

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Franchise business and tax

The Australian Competition & Consumer Commission (ACCC) is the government body responsible for enforcing the Franchising Code of Conduct, and if you or someone you know are considering entering into a franchise arrangement, this will probably be a good starting point to get an idea of what to expect.

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Beware of who you share your benefits with

Where some businesses have tripped up in the past is where the source of benefits provided is not clear cut — that is, where non-cash components of remuneration are sourced not directly from an employer, but from an associate, a related company or from a third-party provider.

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What the proposed housing-based super contribution initiatives offer

After waiting for what seems like an eternity, the government has finally put to Parliament its draft legislation around two of its schemes. The proposed schemes, the First Home Super Saver
and Contributing the proceeds of downsizing to superannuation, are both pieces of legislation that are an attempt to bring into action proposals from the 2017 Federal Budget.

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Lodgment rates and thresholds guide

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances, and essential superannuation as well as fringe benefit tax rates and thresholds (including current grossup factors). Student loan repayment rates and salary levels are also included.

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End-of-year tax planning tips for business

The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious – rent, materials, supplies and so on — but there are also some less obvious options left available just before the end of the income year, should your circumstances suit, to further reduce your enterprise’s tax burden for the year.

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Federal Budget 2017-2018

The Budget announcements contain a suite of tax and superannuation measures aimed at increasing housing stock and improving housing affordability. While the government has not gone close to lamping down on the political and social hot potato of negative gearing, it has taken some steps to restrict the travel expense and depreciation tax breaks enjoyed by investors.

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Tax and the sharing economy

The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how we transact with each other. What is the sharing economy? Think Airbnb, think Uber. By now, most people will have realised that the “sharing” part of the concept does not refer to an absence of any monetary exchange, but rather to the use and access of shared physical or human resources or assets.

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Superannuation Changes

The Government has recently put into law a number of significant superannuation changes it originally announced in the last Federal Budget. As most of these changes will apply from the 1st of July, 2017, it makes a lot of sense to review these changes to see how these may impact upon you.

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Extend the festive cheer (but in a taxefficient way)

The festive season is here again. As with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some limits.

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Don’t let a tax debt put you in a spin

Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt owing to the ATO, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge.

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Lodgement rates and thresholds guide 2016-17

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances, and essential superannuation as well as fringe benefit tax rates and thresholds (including current grossup factors). Student loan repayment rates and salary levels are also included.

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$20,000 write off is only available for small business, unless…

There is an under-used gem hidden within the small business simplified depreciation rules that in some circumstances can widen the opportunity to access this valuable deduction. Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses. But it is possible, under certain conditions, for individuals such as employees to be able to claim the write-off for depreciating assets used in producing non-business assessable income – such as employment or investment income.

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Hobby farming is a lifestyle choice that has been around

It can be easy to poke fun at the typical hobby farmer (like the old joke about their skills at growing blackberries and rabbits). For many the choice to embrace the rural idyll leads to a thirst for information about the taxation realities of owning a small country property. It is true that small rural landholders may be pursuing “lifestyle” dividends rather than a genuine livelihood, but the option to claim the tax concessions for bona fide primary producers is still available, if eligible.

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The success combination in Business is: Do what you do better… and: Do more of
what you do…
~ David Joseph Schwartz

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