Business assets, personal use? Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”.
More than 60% of all Australia’s small businesses are already on board with SuperStream. If your business is not one of them, you’ve got 90 days remaining to get it done.
Employers: Beware “left- field” FBT liabilities. It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship.
Got your car log book ready? When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in a Tax Office audit.
Building a new home? Is it exempt from CGT? There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling.