Neil Marshall Tax and Business Advice Pty Ltd is a CPA practice
With the end-of-financial year looming, there are some key strategies you can utilise to maximise your nest egg ahead of 30 June. Maximise super contributionsReview your contribution types and amounts to ensure you have maximised (not exceeded) your contribution caps for the financial year. The non-concessional contributions cap for 2015/16 is $180,000 or $540,000 over…
With tax time fast approaching, now is a good time to review those tax deductions that are often easily forgotten such as mobile phone expenses. Mobile phone expenses can generally be claimed as a tax deduction provided they are used for work purposes, such as receiving or making work calls. When claiming expenses you will…
Choosing an office space for a business is a big decision; not only do owners have to consider what size space they require, but they also have to factor in things like the budget for rent and office proximity to public transport. Remaining focused on the essentials is key to finding the perfect office space.…
The ATO has extended its 30 June 2016 deadline to 31 January 2017 for SMSF trustees to review limited recourse borrowing arrangements (LRBA) for non-arm’s length income. The Tax Office issued the Practical Compliance Guide 2016/5 in April to provide guidance for SMSF trustees to ensure LRBA arrangements are on terms that are consistent with…
The Tax Office is focusing on rental property owners this tax time and is encouraging rental owners to understand their obligations and check their claims are right before lodging their tax returns. The ATO will be paying close attention to excessive interest expense claims and incorrect apportionment of rental income and expenses between owners. The…
It is incredible the impact that the physical characteristics of an office can have upon workplace productivity. Elements such as colour schemes and office layout, which may seem inconsequential, can have tremendous effects on productivity. Here are three things to consider when redecorating your office space: Lighting: Natural light has a positive effect on people’s…
Since change is an inevitable part of Australia’s superannuation system, trustees and taxpayers should always be aware of and on the lookout for tax-saving strategies to prevent the consequences of unforeseen super changes. One such strategy, which is not only straightforward but also highly-effective, is splitting superannuation with your spouse. Splitting super with your spouse…
From 1 July 2016, those who purchase a residential or commercial property in Australia that is worth more than $2 million must withhold 10 per cent of the price. Buyers are then required to remit this amount to the Tax Office unless they obtain a tax clearance certificate from the property vendor. The new rule…
One of the biggest challenges currently facing business managers and employers is how to retain millennial talent. Younger workers are quite different to other generations and are therefore much harder to retain than any other working demographic. Common reasons associated with young workers jumping ship include not feeling connected to a business, not seeing any…
The Taxation Office has recently announced that it is working towards making a simpler BAS to reduce GST compliance for small businesses and also make GST record keeping and reporting easier. This is a result of tax professionals, small businesses and industry associations expressing their concerns to the ATO over current BAS requirements. From 1…