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Taxation
ATO Reminds Deadline for SMSFs and Collectibles
March 29th, 2016The Australian Tax Office (ATO) reminds owners of self-managed super funds (SMSFs) with collectibles and personal-use assets purchased before 1 July 2011 to comply with SMSFs rules before the deadline on 30 June 2016. With stricter rules and regulations (to take effect on 30 June 2016) on how these collectibles and assets are managed, SMSFsread more
Naughty or nice? Christmas Tax Checklist
December 2nd, 2015It’s that time of year again - what to do for the Christmas party for the team, customer gifts, gifts of appreciation for your favourite accountant (just kidding), etc., etc. Here are our top tips for a generous and tax effective Christmas season: For your business What to do for customers? The most effective wayread more
Make the Most out of the Christmas Party and Keep it Tax-Free
October 21st, 2015The Christmas season is fast approaching and with this comes our festive moods and celebration preparations. As the holidays are getting near, companies are also preparing for their respective festive season parties. It is important to celebrate and enjoy the festivities but it is also important to keep in mind a few pointers in orderread more
Trading on eBay? Learn if You Have Paid Your Appropriate Tax Dues
October 18th, 2015Last year, McKinley Plowman reported that the ATO will be watching over business transactions held in eBay. It will now be making good on its promise. Are you selling or planning on conducting business on eBay? If yes, then it is important to know the rules mandated in order to avoid penalties and complications. Theread more
Tax Tips for Employees Who are Always on Work-Related Trips
October 15th, 2015Travelling for business purposes is very common for employees nowadays. The good news is - travel expenses are deductibles. Make sure that you are doing the right thing on your next work-related travel by following these tips: Keep all your receipts, invoices, and proof of your expenses. A travel journal is handy especially for thoseread more
Avoid penalties! Learn the importance of Property Valuation in Your Tax Reports
September 29th, 2015Different methods are used in valuing properties but the principles remain the same. The most appropriate valuation method must be used in order to determine the value that the market is willing to pay for the asset. The meaning of market value, as used by valuers of real property in Australia, is the estimated amount orread more
Company Tax Rate for ‘Small Businesses’ Reduced to 28.5%, But is it All Good News?
September 25th, 2015Some great news brought in by the Federal Budget to all small businesses, is the decrease of the corporate tax rate from 30% to 28.5% (effective 1 July 2015). This will apply to all companies that have a turnover of less than $2,000,000. If your company is one of many businesses that you conduct, itread more
Changes in the Home Office Running Costs Deduction Rate
September 14th, 2015For employees who are conducting a portion of their work from a home office, the ATO has increased the rate of home office expenses related deductions. From the previous rate of 34 cents an hour, the fixed rate has been increased by more than 32 percent to 45 cents an hour. The employee can onlyread more
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