Articles

April 15, 2019

Small Business Capital Gains Tax (CGT) Concessions – The Basic Conditions

Small Business CGT concessions allow eligible small businesses to disregard or defer some or all of a capital gain resulting from the disposal of an active asset used in a small business. The small business CGT concessions are only available if certain conditions are met, with some of the concessions requiring further specific conditions to […]

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March 15, 2019

Single Touch Payroll – Is your business ready?

The long-awaited Single Touch Payroll system will apply to all employers from 1 July 2019. On the 1st March 2019, the bill extending Single Touch Payroll mandatory reporting to include small employers (fewer than 20 employees) received royal assent, meaning this is now law. What is Single Touch Payroll? Single Touch Payroll is a way […]

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March 15, 2019

GST and Depreciation Cost Limits for Motor Vehicles

This article considers the impact on depreciation and GST when purchasing a motor vehicle for your business. As a business owner you may be thinking of purchasing a motor vehicle as part of your business. While this may sound attractive, business owners should carefully consider the purchase price and its impact for tax and GST […]

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November 12, 2018

Downsizer Contributions

From 1 July 2018, Australians aged 65 years of age or older are able to make a $300,000 “downsizer contribution” into their superannuation fund, per person, from the sale proceeds of their family home. This was a 2017-18 budget measure as part of the package of reforms to reduce pressure on housing affordability in Australia […]

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September 7, 2018

Agency Relationship and GST on Disbursements – Legal Practices

It is common for legal practitioners to seek reimbursement for costs, in addition to the charge for services. However, the GST treatment of such reimbursements depends on the nature of the arrangement entered into, commercial terms of the transaction, and whether it was incurred as agent of the principal. Incorrect treatment of GST on reimbursements […]

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August 3, 2018

What is the purpose of a website for your business?

As a business owner, have you taken the time to consider the purpose of your website? We have recently upgraded ours and believe the purpose of your site will fall in two areas- confirmation and online lead generation. I must preface, I’m not an expert in this area – I’m an accountant. However that does […]

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July 6, 2018

Tax treatment of long-term construction contracts

The Commissioner of Taxation recently released a taxation ruling, TR 2018/3, which provides guidance on reporting profits derived and losses incurred from long-term construction contracts. While the understandings are not vastly different to a previous release from 1987 (IT 2450), it is a healthy reminder that long-term construction contracts must be correctly accounted for to […]

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March 14, 2018

Advantages and Disadvantages of Starting Up A Business

ADVANTAGES OF STARTING UP A BUSINESS Advantages of starting your own small or medium business can include: Being your own boss – You can make your own decisions, keep your own time and not have to answer to “The Boss”. Hard work & know how – If you are a hard worker and / or have immense […]

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March 14, 2018

GST on the import of low value goods

GST does not currently apply when goods are imported into Australia if they have a customs value of $1,000 or less and the supplier is not registered or required to be registered for GST. Arguably this places Australian retailers / suppliers at a competitive disadvantage compared with foreign suppliers that are not required to be […]

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February 27, 2017

Uber drivers must register for GST

In Uber B.V. v FC of T, the Federal Court has held that services provided by an Uber driver constituted a supply of “taxi travel” for GST purposes. Accordingly, the driver was required to be registered for GST. Facts: The applicant applied for a declaration that one of its drivers did not supply “taxi travel” […]

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