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When two bonuses are not enough…Introducing the Energy Incentive!

Posted by Team AVS on 21 Nov, 2023  0 Comments

If you’ve been putting off upgrading the inefficient office air-conditioner, a new 20% bonus deduction might just be the incentive you need to help beat the heat before it arrives with a vengeance!

Whilst the small business Technology Investment Boost has now ceased, not only can you still take advantage of the Skills and Training Boost (generally for expenditure on training employees incurred before 30 June 2024), but there is also now a ne

Don’t overlook the CGT small business roll-over concession

Posted by Team AVS on 15 Nov, 2023  0 Comments

The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free if paid into a superannuation fund.

But it is often forgotten that the gain can also be rolled over.

And this concession can be very useful depending on your circumstances and business intentions, especially where it may be used in

Who is a resident for tax purposes?

Posted by Team AVS on 7 Nov, 2023  0 Comments

A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a ‘citizen’ of Australia.

Moreover, it is highly relevant from a tax point of view, as a person who is a resident of Australia for tax purposes is liable for tax in Australia on their income from ‘all sources’ (ie, both from Australia and overseas) – including capital

Research & Development reminder

Posted by Team AVS on 1 Nov, 2023  0 Comments

The ATO has issued a reminder for companies wishing to claim a tax offset for their R&D (research and development) activities. The reminder was issued in the context of the ATO’s success in the Federal Court decision T.D.S. Biz Pty Ltd v FCT. 1

By way of background, the research and development tax incentive (R&DTI) helps companies innovate and grow by offsetting some of the costs of eligible R&D.

The incentive aims to boost c

Property developers – and would – be ones – beware!

Posted by Team AVS on 1 Nov, 2023  0 Comments

For property developers (or would-be property developers) a recent decision of the Federal Court may be of interest.

In Makrylos v FCT [2023] FCA 971, land acquired by a property developer was treated as trading stock from the date of its original acquisition, and not a later date proposed by the taxpayer. This meant, among other things, that his profit was calculated on the original purchase price of the land and not the later (and larger) ma

Changes to unfair contract terms laws, What businesses need to know

Posted by Team AVS on 16 Oct, 2023  0 Comments

Soon to be implemented changes to the Australian Consumer Law will provide additional protection to consumers and small businesses prohibiting the proposal, use or reliance on unfair contract terms in standard form contracts.

The ACCC recognizes that:

“... standard form contracts provide a cost- effective way for many businesses to contract with significant volumes of consumer or small business customers. However, these contracts are larg

Small business skills and training boost

Posted by Team AVS on 10 Oct, 2023  0 Comments

Looking to boost your employees’ skills and your tax deductions at the same time? Then keep reading to see if you could be eligible for the small business skills and training boost!

If you run a small or medium business and are planning on investing in, or recently invested in, training your employees, taking care to ensure the training is provided by a registered training provider could mean you can claim an additional 20% bonus tax deducti

ATO focus on rental property income and deductions

Posted by Team AVS on 3 Oct, 2023  0 Comments

Income and tax deductions from rental properties is one of the four key areas that the ATO is focusing on this Tax Time.

The ATO is urging rental property owners to ensure they carefully review their records before declaring income or claiming deductions this Tax Time, and for registered tax agents such as us to ask a few extra questions of our clients who own rental properties. As your registered tax agent, we can only work with the informati

Self-education: when is it deductible?

Posted by Team AVS on 26 Sep, 2023  0 Comments

If the subject of self-education leads to, or is likely to lead to, an increase in the taxpayer’s income from current (but not new) income-earning activities, a deduction for self-education expenses incurred will be allowable.

There is no specific provision in the income tax legislation that allows a deduction for self- education expenses. Rather the expenditure falls for consideration under the general deductibility provision of the Tax Act

Discounting your capital gain

Posted by Team AVS on 19 Sep, 2023  0 Comments

The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to:

individuals (but not foreign or temporary residents)
complying superannuation funds (33% discount applies, not 50%)
trusts, and
life insurance companies in respect of a discount capital gain from a CGT event in respect of a CGT as

Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.