Taxation

March Newsletter

March Newsletter 1757 1316 Lanteri Partners

February Newsletter

February Newsletter 4256 2832 Lanteri Partners

November Newsletter

November Newsletter 1351 901 Lanteri Partners

As it’s getting ever closer to the festive end of the year, we thought it prudent to run over the rules regarding Christmas parties and FBT. And borrowing money from a private company, even if it is your own business, can have serious pitfalls if not carried out correctly, so we look at the dangers of “Division 7A”.

There’s also an important distinction you may need to know between a travel allowance and the living-away-from-home allowance. We also look at how Australians are taxed on income that comes in from overseas.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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October Newsletter

October Newsletter 1350 900 Lanteri Partners

There were a couple of housing-based superannuation contribution proposals contained in this year’s Federal Budget, for which draft legislation has finally been tabled. We run over the finer details that have been revealed.

And if you or anyone you know has considered driving an Uber car to earn some extra income, we have some essential information that you need to understand. However if you are already a higher income earner, note that a certain income threshold has recently dropped (by $50,000!) that may catch a lot of taxpayers unexpectedly.

We also look at immediate deductions for start-up businesses, and go over the car parking FBT exemptions for small business.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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September Newsletter

September Newsletter 1352 900 Lanteri Partners

The small business CGT concessions can be extremely valuable, but sometimes the complexity of the details can be confusing. We clear up some of the more obscure factors.

The rules around LRBAs for SMSF trustees have been fiddled with again, and necessitate (again) a look at the fine print. There is also a new statistical report on SMSFs that trustees should be glad to read.

Also dealt with are the differences between investment returns being on revenue or capital account, and what to do if you need to lodge your next tax return early.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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August Newsletter

August Newsletter 1350 900 Lanteri Partners

Making claims for travel allowances is a handy deduction for many employees, especially as the ATO has seen fit to make an exception to substantiate these claims in many circumstances. However this consideration comes with a warning — get it right, or lose that exception. We run over the particulars.

Did you know that there are deductions that are specific to SMSFs? As usual however, there are conditions. We also look at deductions available for financing rental properties, the interaction between the new super transfer balance cap and child recipients of death benefits, and a tax break available for life policy bonuses held for a certain time.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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July Newsletter

July Newsletter 719 860 Lanteri Partners

The ATO is on the warpath over incorrect deductions that many taxpayers try to claim for holiday rental properties, so we take a look at the issues that have been grinding the taxman’s gears.

And if you’re going to soon make an appointment to complete your tax return, we’ve made a general checklist of things to prepare. By the way, you might also be able to claim the travel costs for travelling to see us — we share the particulars for eligibility.

Mobile, home phone and internet costs may be claimed under some circumstances, so we run over the substantiation that the ATO will accept to successfully make these deductions. We also present an overview of streaming trust capital gains and franked distributions.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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May Newsletter – Budget Update

May Newsletter – Budget Update 701 876 Lanteri Partners

The budget announcements contain a suite of tax and superannuation measures aimed at increasing housing stock and improving housing affordability. While the government has not gone close to clamping down on the political and social hot potato of negative gearing, it has taken some steps to restrict the travel expense and depreciation tax breaks enjoyed by investors.

Last year, many individual taxpayers received small “cake and coffee” tax cuts (so called because they averaged around $6) which were touted as an important first step to addressing bracket creep; but one year later, the government announces that the Medicare Levy will increase by 0.5% to 2.5%, which will surely eat into those tax cuts (for those lucky enough to have received them).

Last year’s budget was one for small businesses. This year, the small gift is a one year extension of the $20,000 instant asset write-off for 2017-18. Unfortunately, the government will tighten access to the small business CGT concessions.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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May Newsletter

May Newsletter Lanteri Partners

There can be capital gains conundrums when sub-dividing the family property, so we run through the typical scenarios to dissect the likely tax outcomes. And another perennial head-scratcher is the deductibility of the interest payable on borrowed funds.

A GST exemption is available when a “going concern” business is involved, so we look at the conditions that must be met. And while the recent tax cut for some companies is welcome, thought needs to be given to the change in tax rates when dealing with dividend credits.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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April Newsletter

April Newsletter Lanteri Partners

There’s nothing wrong with sourcing certain business assets through peer-to-peer websites like Gumtree or even a Facebook group. It’s when it comes to substantiating a tax claim that these sorts of transactions can end up being difficult.

The ATO’s rules regarding deductions claimed for work clothing, or for laundering clothes, are fairly straight-forward, but there are a few grey areas that crop up now and then.

We cast an eye over how simplified depreciation works for small business pools, and also look at the new “total superannuation balance” and what it means for your fund.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

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