A medical professional client based in Melbourne was nearing retirement and approached us after learning we were able to offer financial planning services. He was the classic asset rich, cash poor client. He had the typical business structure for medical...
Travel Allowance or living-away-from-home allowance (LAFHA)? Understanding the difference between these two allowances can be complex, particularly when there is the perception of an overlap. The allowances are in fact very different, and have different consequences...
The ATO has published answers to the most common questions taxpayers have been asking about deductions for small business. Find out more on the ATO website.
The ATO has prepared a table that is available on their website which sets out at a glance all the tax concessions that may be available to small businesses. These include: simplified depreciation rules (eg the instant asset write-off, accelerated depreciation for...
The Treasury Laws Amendment Bill 2017 was introduced into the House of Representatives on 18 October 2017. This Bill amends the Income Tax Rates Act 1986 (Cth) (Rates Act) to ensure that, from the 2017-18 income year, a company will qualify for the lower company tax...
It looks like there is some housekeeping going on at the ATO. As part of a compliance campaign geared toward resolving issues with SMSFs with overdue returns, the ATO has cancelled the ABNs of approximately 9,000 SMSFs. Their focus will now shift to higher value SMSFs...
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