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 […]
Read moreADVANTAGES 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 […]
Read moreGST 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 […]
Read moreIn 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” […]
Read moreThe ATO has released a public taxation ruling covering the ATO’s views on the deductibility of expenditure incurred in acquiring, developing, maintaining or modifying a website for use in the carrying on of a business. Importantly, if the expenditure is incurred in maintaining a website, it would be considered ‘revenue’ in nature, and therefore generally […]
Read more‘UPE’ (or ‘unpaid present entitlement’) arises where a trust makes a beneficiary entitled to an amount of the trust’s income (and therefore the beneficiary may have to pay tax on their share of the trust’s taxable income that year), but that amount has not been physically paid to the beneficiary. If the beneficiary never receives […]
Read moreThe AAT has held that GST applied to the disposal of four properties that had been built, leased and then sold. GST does not ordinarily apply to sale of residential premises unless they are ‘new residential premises’. However, there is a special rule in the GST law that states that a newly constructed property will […]
Read moreThe Australian Taxation Office is paying particular attention to claims that investment property owners make for repairs to rental properties. All clients should note repairs are deductible, improvements are not. Though improvements may add to the cost base. There are many examples of case law to assist in differentiating between repairs and improvements and the […]
Read moreHow many of these questions can you confidently answer about your business? READ THE TRANSCRIPTION BELOW: Mark Rogerson here. I’m going to ask you some questions as a business owner that you should know the answer to. If not, why not? Okay, what’s your profit this year versus last year? What about your sales, are […]
Read moreAt Rogerson Kenny Business Accountants, we’ve put together a slideshow to explain the regulations surrounding tax invoice compliance for businesses. You can click through the slideshare, or scroll down to read a transcription below. BUSINESS FINANCE 101: CLAIMING GST CREDITS Are you registered for GST? In that case it is likely that you are eligible […]
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