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Section 100A – How the ATO’s Crackdown on Family Trusts Might Impact You

Taxation

Section 100A – How the ATO’s Crackdown on Family Trusts Might Impact You

March 30th, 2022

For years, many Australians, particularly those operating businesses, have used family trust structures as a wealth creation vehicle. The ATO has previously put trust distributions and their tax treatment under the microscope but have now refocused their attention to Section 100A ‘Reimbursement Agreements’. This could significantly impact on the overall tax position of any familyread more

Update – ATO Electronic Correspondence and Communication Preferences

November 19th, 2021

You may have caught our article a few months ago regarding the moves the Australian Taxation Office (ATO) is making in shifting their correspondence to business owners from paper-based “snail mail” to electronic formats. As the roll-out and wider adoption of these changes continues, we are seeing a few instances where information isn’t reaching theread more

31 October Tax Deadline – Are You Ready?

October 28th, 2021

It may feel like 1 July was only the other week, but wouldn’t you just know it – we’re just about at the end of October. With that, it’s worth the reminder that 31 October is the deadline for lodging your tax return if you are planning on doing so yourself. This means you haveread more

Gearing Your Investment Property – How to Get it Right

August 24th, 2021

You may have heard the terms ‘Positive Gearing’ and ‘Negative Gearing’ regarding property investment when speaking to your mates around the barbecue or chatting with co-workers in the lunchroom. It often causes intense debate and confusion, particularly when everyone has different circumstances and goals. So how do you make the most of gearing? In thisread more

Getting Ahead of Your Next Tax Return

August 12th, 2021

The 2021-22 Financial Year is already several months old now (if you can believe that), and by now many taxpayers have their ducks in a row to lodge their tax return for 2020-21. But while that’s happening, clever business owners and salary earners are putting down the groundwork to make next years’ an absolute breeze.read more

Working from Home Deductions at Tax Time – The ATO’s Crackdown Hotspot

May 27th, 2021

The new financial year is here, and the more organised among us are already planning the deductions we’re looking to claim for our 2020-21 tax return. Given that global circumstances changed the way many people worked throughout this financial year, there will be a noticeable shift in the types of deductions people claim – especiallyread more

Refresher: The Main Residence CGT Exemption

March 19th, 2021

When it comes to an important moment in your life like selling your family home, the last thing you want is to be slugged with an unnecessary tax liability. Capital Gains Tax (CGT) is something that we’ve covered at length in a few previous articles (see here and here); but today we’ll dig a littleread more

Home-Based Businesses – Know your Deductions

November 6th, 2020

Now that another financial year has been and gone, it can be tempting to put tax to the back of your mind as you gear up for another busy year. However, if you’re running a business, particularly from home, it is crucial that you keep on top of what you can claim as a deductionread more

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