CGT concessions eligibility overview

Posted by Team AVS on 6 May, 2025 0 Comments

The small business CGT concessions allow you to reduce, disregard or defer some or all of a capital gain from an active asset used in a small business.

The 4 small business CGT concessions include the:

small business 15-year exemption
small business 50% active asset reduction
small business retirement exemption
small business roll-over.

The concessions are available when you dispose of an active asset and meet basic eligibility co

Using capital losses to reduce capital gains

Posted by Team AVS on 2 Apr, 2025 0 Comments

When to use capital losses

You use your current year capital losses to offset your current year capital gains. You can choose which capital gains to subtract your capital losses from. If you have any capital gains that are not eligible for the CGT discount, subtract your capital losses from these gains first. This will result in the lowest payable CGT.

If you have capital losses from prior years, also known as net capital losses carried for

Preservation of super

Posted by Team AVS on 21 Mar, 2025 0 Comments

Most of the super held in your fund will be in the form of preserved benefits.

Most of the super held in your fund will be in the form of preserved benefits. These must be preserved in the fund until the time the law and your fund’s trust deed allow them to be paid.

Preservation age

Access to super benefits is generally restricted to members who have reached preservation age. A person's preservation age ranges from 55 to 60, depending

ATO shifts non-compliant small businesses to monthly GST

Posted by Team AVS on 10 Mar, 2025 0 Comments

The ATO will notify non-compliant small businesses when they are moved from quarterly to monthly GST reporting.

The Australian Taxation Office (ATO) has announced that from 1 April 2025, it will be moving around 3,500 small businesses with a history of non-payment, late or non-lodgment, or incorrect reporting from quarterly to monthly GST reporting to improve their compliance.

Moving to a monthly reporting and payment cycle can help small

How to claim deductions for work-related expenses

Posted by Team AVS on 26 Feb, 2025 0 Comments

How to claim income tax deductions for work-related expenses and other expenses, and record your deductions.

How tax deductions work

You can claim some of your expenses as deductions in your tax return.

The expenses you can claim are mostly related to earning your income, but there are a few (such as donations) that aren't related to earning income.

Deductions reduce your taxable income.

It works like this:

your assessable incom

Online tax schemes on the rise

Posted by Team AVS on 24 Feb, 2025 0 Comments

The ATO is warning the community to be alert for potentially dodgy tax schemes which are spreading online, including through social media.

Acting Deputy Commissioner Sarah Taylor is urging individuals to be wary of online promotion of tax schemes promising to significantly reduce or avoid tax altogether.

‘Sometimes tax schemes can be peddled as investment schemes. We don’t want to see honest people lured into unlawful tax schemes with f

CGT when selling your rental property

Posted by Team AVS on 23 Jan, 2025 0 Comments

How CGT applies to your rental property and what expenses you can include in your costs.

How capital gains or losses apply

When you sell or dispose of a rental property you may make a capital gain or loss.

A capital gain or loss is the difference between what it cost you to obtain and improve the property (the cost base) and the amount you receive when you dispose of it.

If you make a:

net capital gain in an income year, you'll ge

Foreign residents disposing of taxable Australian property

Posted by Team AVS on 14 Jan, 2025 0 Comments

Foreign residents disposing of taxable Australian property Foreign residents are subject to capital gains tax (CGT) on the disposal of taxable Australian property (TAP). In contrast, foreign residents (except beneficiaries of resident non-fixed trusts) can generally disregard a capital gain or loss from a CGT event (such as a disposal) relating to non-TAP assets. TAP comprises of:

taxable Australian real property (TARP)
indirect interests i

Withholding changes when buying and selling property

Posted by Team AVS on 3 Jan, 2025 0 Comments

What Australian residents need to know about the updates to the foreign resident capital gains withholding (FRCGW).

The Foreign resident capital gains withholding (FRCGW) rules are changing from 1 January 2025.

Currently, Australian residents selling property must provide a clearance certificate to the purchaser at or before settlement to avoid having 12.5% withheld from a property sale where the value of the property is $750,000 or m

Income from illegal activities: losses and outgoings

Posted by Team AVS on 25 Nov, 2024 0 Comments

You can't claim income tax deductions for income earned through illegal activity.

The income tax law allows deductions against your assessable income for losses and outgoings incurred in carrying on a business. Generally, deductions will be allowed if there is a sufficient link between the loss or outgoing and the business income where the amount is not of a private or capital nature.

However, if your business activities are illegal – tha

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“I was looking to move away from accounting on spreadsheets so that I could have better control over my business. AVS Business Services looked in detail at my accounting needs and helped me choose the solution that is best for me. I am very pleased with the inputs I receive from them on a regular basis and would recommend their services to anyone without hesitation”

Deepak Kumar Director, D.S Webtech Pty Ltd

"We've utilised the services of AVS Business Services for a few years now and can honestly say the team of AVS have always provided excellent service on a personal and business level. Nothing is too much trouble and they're readily available to assist at the drop of a hat. Their service sets them apart from previous accountants worked with. We would definitely recommend their service to anyone looking for an accountant.”

Aaron & Linda Henry A.B Henry Pty Ltd

"AVS Business Services have been looking after our SMSF and our family’s tax affairs for a number of years. Their experience, professionalism and knowledge is of the highest order.Their personalized service and depth of understanding in setting up and managing a SMSF is excellent. They are also happy to go out of their way to assist in every way no matter how small it is."

We would be happy to recommend their services.

Glenn & Andrea Bouche SMSF Trustees

Being a layman with Tax and Accounting and new to Australia, I was looking for a professional and efficient tax accountant who can also help me understand the tax structure here and show some avenues to save money.I was recommended to AVS through my friend and it was no looking back since then.Team at AVS are diligent tax professionals with an eye to detail. They spend time in understanding the requirements and needs of clients, ensuring it aligns with all the legal aspects.I am very pleased working with AVS and would recommend to anyone who is looking for professional, efficient and personalized tax accounting services.

Som Mukherjee IT Professional - Project Manager - Banking and Finance