Tax when you’re headed overseas

Posted by Team AVS on 2 Sep, 2019 0 Comments

Most people’s “to-do” list when they are planning a trip overseas will likely include items such as travel insurance, phone chargers or taking photos of their passport — but probably the last thing on anyone’s minds will be their likely tax situation before, during or after that trip-of-a-lifetime.

However, a few simple considerations, taken in the context of your personal circumstances, may end up making quite a difference to your f

What you need to know about trust distribution resolutions?

Posted by Team AVS on 16 Aug, 2019 0 Comments

An essential starting point for consideration of trust income and how that income is to be distributed is to look at the trust deed. This very central document sets out the rules and expectations for the governance and operation of the trust and the powers that can be exercised by the trustee.

There is a certain level of external regulation of trustees, in that each state and territory has its own trustees’ act, however in a practical sense

Small businesses need to get “active” to pay less tax

Posted by Team AVS on 7 Aug, 2019 0 Comments

For small business owners who are disposing of assets that have risen in value during the time they have owned and used them in their business, accessing one or more of the available small business capital gains tax (CGT) concessions can greatly reduce any consequent tax liability.

Indeed, many small business owners find they can reduce possible CGT liabilities to zero. For example, you can reduce the capital gain on an active asset by 50%, an

ATO actions on trusts and tax avoidance

Posted by Team AVS on 29 Jul, 2019 0 Comments

The ATO says that it recognises that most trusts are used appropriately and for legitimate purposes. It says it will continue to help those who make genuine mistakes or are uncertain about how the law applies to their circumstances.

But even so, the ATO has a number of “trust risk rules” in place to identify higher risk compliance issues — at the same time, acknowledging that most trusts do not trigger these risk rules.

Its stated pri

ATO expects many laundry claims will be hung out to dry

Posted by Team AVS on 22 Jul, 2019 0 Comments

This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to — and which you should approach with caution when claiming these deductions.

For example, the ATO has already flagged that it will be checking returns for taxpayers who take advantage of the exemption from keeping receipts when spending less than $150 on laundry expenses. The ATO believes that too many people are claiming this without

New labels in the 2019 SMSF annual return

Posted by Team AVS on 8 Jul, 2019 0 Comments

The SMSF annual return for 2019 has a number of new questions and labels that SMSF practitioners and trustees need to be aware of.

In previous years, the ATO advised trustees that the question in the annual return regarding whether Part B of the audit report was qualified could be answered with a “no” if the only reason the auditor qualified Part B was because they could not confirm the information provided to them (for example, opening ac

Help coming to you this tax time

Posted by Team AVS on 27 Jun, 2019 0 Comments

The Australian Taxation Office (ATO) is helping taxpayers to get their tax returns right through pop-up shops and the Tax Help program.

“These two programs help thousands each year to get it right at tax time. Staff at our pop-up shops can explain the benefits of going digital, while our Tax Help program helps those on low incomes with simple tax affairs, to do their return, which is especially important.” Assistant Commissioner Karen Foat

Tax time tips for small business

Posted by Team AVS on 19 Jun, 2019 0 Comments

The Australian Taxation Office (ATO) is lending a helping hand to nearly four million small businesses to get their tax right this tax time.

Assistant Commissioner Peter Holt said the ATO understands that small businesses have a lot on their plate with the day-to-day running of their business. “That’s why we’re focusing on addressing common issues we see when small businesses lodge their returns so that we can support them to g

Is Penalty Interest Deductible? Yes, And No, And Maybe

Posted by Team AVS on 11 Jun, 2019 0 Comments

A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest.

The term “penalty interest” refers to an amount payable by a borrower under a loan agreement in consideration for the lender agreeing to an early repayment of a loan. The amount payable is commonly calculated by reference to a number of months of interest payments that would have been received but for the early payment.

The new ruling stress

EOFY Last-Minute Tax Planning Tactics For Individuals

Posted by Team AVS on 4 Jun, 2019 0 Comments

This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2018-19 year. While the best strategies are adopted in July (that is, as early as possible in a financial year and not at the end), it’s worth remembering proper tax planning is more than just sourcing bigger and better deductions. The best tips involve assessing your current circumstances and planning y

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