Removing tax-deductibility of non-compliant payments

Posted by Team AVS on 12 Mar, 2019 0 Comments

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.

If the PAYG withholding rules require a business to withhold an amount from a payment that the business makes to a worker, the business must:

withhold the amount from the payment befo

When valuations of property are important for tax

Posted by Team AVS on 4 Mar, 2019 0 Comments

There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands.

A common example of this is in respect of property, and especially for transactions when a valuation is necessary for tax purposes.

For example, let’s say that Humbert transfers his rental property to his daughter Dolores for no consideration. The tax law, specifical

To meet your tax obligations with ease, a good record-keeping is a must

Posted by Team AVS on 26 Feb, 2019 0 Comments

During the financial year, you'll receive documents that are important for doing your tax, such as payment summaries, receipts, invoices and contracts.

Generally, you need to keep these for five years from when you lodge your tax return in case ATO ask you to substantiate your claims.

Records you need to keep include:

payment summaries from payers, including your employer and the Department of Human Services
statements from your bank

Small businesses (with fewer than 20 employees) are now covered under Single touch payroll reporting rules

Posted by Team AVS on 15 Feb, 2019 0 Comments

With the passage of relevant law on 12 February 2019 by Australian Parliament, more than 700,000 Australian small businesses are set to be covered by the ATO's single touch payroll rules.

Single Touch Payroll (STP) rules require that employers have to report information related to employees’ tax and super to ATO with every payroll event instead of monthly or quarterly reporting. So, every time a business does a pay run, information through S

Guide to making motor vehicle expense claims

Posted by Team AVS on 7 Feb, 2019 0 Comments

A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming a deduction for motor vehicle expenses.

Key points to keep in mind include:

the way a claim is calculated depends on your business structure
if business changes structure, your entitlements and obligations may also change
you must apportion expenses between business and private use

Insurance cover through your SMSF can be tax deductible

Posted by Team AVS on 29 Jan, 2019 0 Comments

Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be claimed as deductions by individuals for income tax purposes) may be available as tax deductions for the SMSF.

The same concession applies for any super fund, but the deductibility is available to the fund itself — therefore previous members of retail o

How to pay your BAS?

Posted by Team AVS on 21 Jan, 2019 0 Comments

The quickest and easiest way to pay your BAS is with BPAY, a credit or debit card.

You can also pay using a payment reference number (PRN) if you lodge online.
Early payments to offset future BAS
To offset your future BAS liability, you can voluntarily make early payments. You will need your PRN, and you can use any of the available payment methods.
Payment reference number (PRN)
A payment reference number is your unique identifier that en

The shake up that’s coming to Division 7A

Posted by Team AVS on 12 Jan, 2019 0 Comments

Discussion about reforms to Division 7A has been bouncing back and forth between Treasury and the ATO for many years — since the end of 2012 in fact, giving the impression they may have been stonewalling any moves on Division 7A. But a definite crack appeared in that wall with the May 2016 Federal Budget. It was announced that “targeted amendments” were planned for two years hence from that date — in other words, 1 July 2018.

Well, as

Small business CGT concession changes will tighten eligibility

Posted by Team AVS on 4 Jan, 2019 0 Comments

The legislation Treasury Laws Amendment Bill 2018 has just recently passed both houses in Canberra, which among other measures also makes changes to the long-established small business CGT concessions.

The legislation’s explanatory memorandum spells out the incumbent basic conditions for the concessions to apply, but adds additional conditions that apply only where the CGT assets concerned are shares in a company or interests in a trust.

Alerts, not alarms

Posted by Team AVS on 20 Dec, 2018 0 Comments

Every now and then you might read or hear about a “taxpayer alert” being issued by the ATO. Taxpayer alerts are the ATO's “early warning” signals to the public about a certain area of concern – it could be about fraudulent schemes, or dodgy investments, or perhaps about a tax minimisation tactic that the ATO has been made aware of and knows will get people into trouble.

Taxpayer alerts are the mechanism by which the ATO lets the gene

"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

"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

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Deepak Kumar Director, D.S Webtech Pty Ltd

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Atul Narang Designworxz Australia Pty Ltd

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

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