What is a Self Managed Superannuation Fund (SMSF)? The Self Managed Superannuation Funds (SMSF) are privately managed trusts that are run by the trustees of the fund. All SMSF trustees are responsible for the compliance of their trusts with Australian superannuation legislation. What are the key dates to lodge the annual SMSF tax return? Here…
What is a section 52? A section 52 is a formal statement which is prepared when a vendor, (seller) of a small business would like to sell their business. These statements must be prepared for business purchases under $450,000 in total value. The statement must be prepared using the prescribed form under the Estate Agents…
In order to correctly prepare a 482 VISA Tax Return and to understand an individual’s tax situation one of the most important concepts to be determined here is tax residency. Tax residence is different from residency for immigration purposes. In a tax return, the tax residency status on a 482 Visa tax return could either…
Negative Gearing and CGT discounts are here to stay! Are we at the end of the property downturn? Is it a good time to buy? Seldom does it happen that within just a week so much transpires that it shakes the economic outlook completely of a nation. From the election results to surprise announcements, every…
Capital Gains Tax Return A capital gain occurs when an asset is sold for more than it was initially purchased for. If you have experienced a capital gain, it must be included in your individual tax return, as a Capital Gains Tax Return schedule and these capital gains will then be taxed at your marginal…
Motor vehicle expenses for small business: Things you need to know or else a claim may not be allowed It is a well know fact that motor vehicle expenses that are incurred as part of the everyday running of a business can be claimed as a deduction. However, as with everything, there are rules governing…
Owner’s Corporation Tax Return – Strata Title Body Corporate Tax Return: What is a strata title body corporate or owner’s corporation tax return? A strata title body corporate operates under an arrangement of principle of mutuality. The Australian Taxation office treats a strata title body corporate or an owner’s corporation as a public company for…
Late/Overdue Business Activity Statement Lodgement Help: Sometimes small business owners get tangled up with running their businesses and ensuring that the business runs smoothly and in doing so lose track of their tax obligations. The result: Overdue/Late Business Activity Statements (BAS). There is so much to accomplish for business owners in a set limited timeframe…
