Unfortunately, many of us have tax bills and sometimes we simply cannot pay the Australian Taxation Office by the due date. Whether it be an unexpected tax assessment or unforeseen cash flow problems, there are options available. The first and best advice I can give you is – firmly implant in your mind that in […]
Client gifts are becoming a common part of business practice these days and can help you win new clients, increase referrals and generate new revenue. Like other business expenses you want them to be tax deductible so they can be claimed at tax time. Most of these gifts are tax deductible provided they meet certain […]
Many people think entertainment and marketing expenses are the same thing but from a tax perspective they are very different. Entertainment is generally not deductible whilst marketing is. It’s important to know the difference between the two so you can understand what’s deductible to your business and what’s not. Let’s begin by breaking down what […]
It’s easy to assume that if you use contractors in your business that you don’t have to worry about paying super, but unfortunately this is not the case. The Australian Taxation Office (ATO) looks more to whether the contract you employ them under is mostly related to labour. Where this is the case the ATO […]
Thinking of doing some travel and suspending your private health insurance? Cancelling your private hospital cover may have a detrimental effect on your refund at tax time. If you have earned over the threshold amount, ($90,000 for singles $180,000 for families) and suspend your policy whilst you travel overseas, you won’t have adequate private hospital cover […]
Edit – these rules have changed from 1 July 2017 and now apply to property valued at $750,000 or more, and the withholding rate is 12.5%. The ATO has introduced a new rule for Australian residents buying or selling property valued at $2 million or more. So how does this work? The ATO wants any […]
My accountant set up a separate company to own equipment, so I am safe…aren’t I? If your equipment is not registered under the Personal Property Securities Act (PPSA )it is not safe. If you operate a trading business using equipment owned by another related entity under a hire or lease arrangement you are still at […]
You hire equipment to a mining company which goes into administration. The Administrator then sells your equipment and uses the proceeds to pay the mining company’s creditors. Can they really do this? The answer is yes, unless you have fully complied with the Personal Property Securities Act (PPSA). What is the PPSA? The PPSA introduces […]
Income protection insurance replaces the income lost through your inability to work due to illness or injury. It is an important consideration for anyone who relies solely on an income. Each income protection policy is different but most income protection insurance will cover up to 75% of your income when you are unable to work. […]
Benefits of Obtaining Pre-Approval Getting a clear guidance of your spending capacity when purchasing a property can be very beneficial. It will allow you to have leverage when negotiating with agents or during an auction. This also displays to your estate agent that you are serious about purchasing a property as in some cases agents […]
Francis A Jones
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