JMR PARTNERS NEWS RESOURCES
Never start a business just to “make money” START a business to make a difference
~ Marie Forleo
Tax issues when dealing with volunteers
From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensible workforce and support network for many organisations.
E-invoicing is on its way
Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow.
Lost or destroyed tax records? Don’t panic.
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…
CGT When Spouses Have Different Main Residences
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.
Property Development and Tax
The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations.
2019-20 Tax Rates & 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.
Tax when you’re headed overseas
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.
Penalty interest can be deductible, under specific conditions
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.
Records for claiming work-related expenses
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income.
Alternatives to a tax invoice for certain GST credit claims
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.
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.
The same business test to be replaced by a “similar business” test
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.
The success combination in Business is: Do what you do better… and: Do more of
what you do…
~ David Joseph Schwartz