Nov 14

Room to rent? Read this first.

Renting out a spare room can be a great way to earn some extra cash, particularly with the help of Airbnb and similar online services. However, it’s easy to overlook the fact that the rent you charge, even on short-term stays, is taxable income. It must be declared on your... read more →
Sep 11

Claiming business losses

If you are a sole trader or a partner in a small business that has made a loss, please read the following carefully. Small business owners can only claim losses against other income if: 1. One of the exceptions for primary production or professional arts businesses applies. If you have a... read more →
Sep 04

GST Misunderstandings

Australian businesses with an annual turnover of more than $75,000 must be registered for GST. Charging an extra 10 per cent on top of services sounds simple, yet a number of traps routinely catch small business owners. Businesses falling beneath the $75,000 threshold are not required to register for GST.... read more →
Jul 12

Reducing your capital gains tax liability

Many people may be able to save time and money on their tax return by gaining a better understanding of the Capital Gains Tax rules. It is widely known that under the 50% rule investors only need to include half the net capital gain on those investments held for more... read more →
Jul 05

What to do if you’re audited

The Australian Tax Office (ATO) is constantly committing more resources to checking tax returns and using modern technology to help nab offenders. So be prepared – the tax office is smarter than you are! A vital tool for the ATO is data matching software – this compares interest, dividends and... read more →
Jun 26
May 19

What are managed funds?

Managed funds are one of the most common ways people can invest their money. Many large superannuation funds will use managed funds as a way to access the skills of investment managers and different types of investments. So how do managed funds work, what types are available and what are... read more →
May 17

ATO targeting online selling

The Australian Tax Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards and online selling. The data will include: the total amount of credit and debit card payments businesses received online sellers who have sold at... read more →
May 10

2017 year end tax tips

Capital losses Selling poor performing assets may enable you to bring forward a tax loss that can be offset against any capital gains made throughout the financial year. Write-off bad debt To obtain a bad debt deduction, a debt must not be merely doubtful and must be written off as... read more →
May 03

Tried and true money tips

This article lists 9 sound tips that act as a good reminder for our readers in managing their money and encourages them to contact us if they need professional advice or a review.  Life gets so busy and the months soon roll into years when suddenly you find that your... read more →