Trusts have been a recent target of the ATO after they released new guidelines on what’s known as Section 100A. The law is not new, but recent changes to the guidelines and the ATO’s application of the law are looming over accountants and their clients and may impact the way trusts distribute income moving forward. […]
When a person dies, a potential major asset that needs to be dealt with is their superannuation. Many people believe superannuation is paid out according to the terms in a will; however, this is not the case. A death benefit nomination is the only way to ensure your superannuation is being directed as per your […]
As of 1 July 2022 if you are aged between 67 – 74 and want to contribute to super, it may have just become a whole lot easier. Under previous rules, if you were aged between 67 – 74 and wanted to make a personal contribution to super, you would have been required to meet […]
If you operate a professional services firm now is the time to assess how your professional firm profits are being distributed. The ATO has recently issued new guidance that expresses concerns about profit allocations that might allow professional practitioners to avoid paying their fair share of tax on the profits of the firm. The new […]
Further study can improve an individual’s knowledge and skills which will hopefully improve earning capabilities. The decision to undertake further study can often come down to necessity to adapt, passion for knowledge and cost. Self-education expenses can be costly and it is important to know what costs may be deductible when preparing your personal tax […]
Work related travel expense claims have become an audit target in recent times. Especially for those claiming travel expenses who use the substantiation exception and claim deductions within the ATO’s published “reasonable” amounts. These claims can be quite significant and can result in large refunds which is why the ATO have set their sights on […]
Payroll tax is one of those taxes that can slip under the radar of small businesses. Employers don’t need to pay this tax until their wages reaches a threshold, and then the onus is on the business to register and pay the tax. Payroll tax is a state and territory tax based on the taxable […]
How much tax you pay depends on how much income you earn net of deductible expenses. Simply speaking, tax is paid to the Australian Taxation Office (ATO) based on your taxable income. When we prepare your tax return, our focus is to report the correct taxable income. The basic formula for calculating your taxable income […]
Employees can claim a deduction for travel expenditure if they incur the expense in gaining and producing their assessable income and if the expense is not of a capital, private or domestic nature. To work out if you might be eligible to claim a tax deduction for your employee travel expenses answer the below questions: […]
Buying your first home is a milestone in anyone’s life. However, with housing prices, saving a large enough deposit can seem unmanageable. This is why in the 2017 Budget the Government announced a scheme to help first home buyers boost their deposit savings through superannuation. How will the Scheme work? From 1 July 2017 first […]
Francis A Jones
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PO Box 39 Fremantle WA 6959
Phone 08 9335 5211
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email@faj.com.au
www.faj.com.au
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