Concerns are growing for medical and allied health practices over exposure to payroll tax obligations following the NCAT decision in the Thomas & Naaz Pty Ltd case. This ruling has set alarm bells ringing for many practice owners worrying that the structure of their service agreements will leave them exposed and liable to pay a […]
READ MORETemporary immediate full expensing of assets
Temporary immediate full expensing of assets means businesses can immediately deduct the purchase cost of eligible new and second-hand* assets. Is your business eligible to immediately deduct assets? Businesses that are eligible need to have an aggregated turnover of less than $5 billion. For businesses with an aggregated turnover of less than $50 million, temporary […]
READ MORETax Deductible Superannuation Contributions
There are some excellent tax benefits from superannuation contributions – you can take advantage of these by making your own voluntary superannuation contributions. We want you to take advantage of all opportunities available to you to help minimise the amount of tax you have to pay. Tax benefits from Superannuation Contributions Money invested in super […]
READ MORETrust Distribution Resolutions – lodge by 30th June to avoid 47% Tax
Do you have a Discretionary Trust? (also known as a Family Trust) Yes – well, you need to complete your trust distribution resolutions before 30 June. Failure to do so could see you paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to […]
READ MOREWhat is a Bucket Company and how will it help you save tax?
A bucket company can help you save tax. Set up as a beneficiary to a trust, the term ‘bucket’ is used because the company sits below your trust and is used to pour money into to reduce tax. This allows you to cap your tax payable at a corporate tax rate. We want you to […]
READ MOREPrepay Business Expenses
Business owners can prepay business expenses making prepayments (up to 12 months) on expenses (e.g. loan interest, rent, subscriptions) BEFORE 30 June 2022 and obtain a full tax deduction in the 2022 financial year. Small Business Entity Concessions Small businesses can access a range of concessions including payment and reporting options. This applies to sole […]
READ MOREAre your contractors actually employees?
Employers can have problems identifying whether a worker is an independent contractor or if they’re actually an employee for tax and superannuation purposes. Two landmark cases in the High Court last month have shone a light on how determinations are made specifically in relation to the totality of relationships. Many business owners assume that if […]
READ MOREFederal Budget 2022
The Federal Budget 2022 is seen to be a safe, ballot box friendly Budget. As expected, there is a focus on jobs, cost of living, home ownership and health, but there are many other highlights. Key highlights include: LMITO increased The Low and Middle Income Tax Offset has been increased for 2021-2022 by $420. Fuel […]
READ MOREProfits guidance finalised for professional services firms
The ATO has finalised its position on the allocation of profits from professional services firms – starting 1 July 2022. For some time, the ATO has been concerned about how professional services firms are structured – specifically, professional practices such as lawyers, accountants, medical practices, architects, engineers, etc., operating through trusts, companies and partnerships of […]
READ MOREGuidance for trust distributions – the ATO cracks down
The ATO has updated guidance for trust distributions made to adult children, corporate beneficiaries and entities with losses. Depending on how arrangements are structured, there is potential for significant level of risk. Released in February 2022, the updated guidance directly targets how trusts distribute income. As a result of the ATO’s more aggressive approach, many […]
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