Most taxpayers aim to make the most of their available tax deductions, but how many of us give much thought to maximising our tax refund when it arrives? The average tax refund in 2016 was $2300i, enough to make a…
Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically…
ATO crackdown on family trusts and GST fraud With attempted GST fraud on the rise and certain family trust payments under a cloud, the tax regulator is stepping up scrutiny of more transactions. Below is a roundup of some of…
Car finance comes in many makes and models, so make sure you compare features before driving away Putting a new car in your garage or choosing a commercial vehicle for your business is something most of us will do many…
While the new financial year is a line in the sand that is important from a taxation perspective, it can also be a useful point to take a step back and take stock of the bigger picture – your personal…
With the end of the financial year (EOFY) just around the corner, it’s important to ensure your SMSF meets its compliance obligations. The rules around SMSFs are strict and if you don’t do things the right way, your fund could…
Most small businesses and independent contractors have a website these days. If you are planning to launch a new website or refreshing an existing one, it’s important to understand the tax implications. As with all things tax, it’s not always…
This year’s Federal Budget was full of talk about one-off support for households in the form of tax offsets, but most people are a bit hazy on the difference between a tax offset and a tax deduction. Both can help…
Our emotions colour every aspect of our lives including our financial lives. Recognising how emotions can influence your financial decision making puts your rational side back in the driver’s seat and can help you to achieve positive outcomes in business…
Family trusts have come under close scrutiny from government and the Tax Office over the years, but they are still a popular wealth management tool for Australian families. While trusts are set up for a range of reasons, it’s important…