Your claim for a business tax loss can be denied

Posted by Team AVS on 20 Aug, 2018 0 Comments

Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims.

The ATO has the discretion to disallow the deduction of a tax loss if, during the relevant income year, the business attempting to make such a claim earned assessable income (or

Claiming Self-Education Expenses

Posted by Team AVS on 7 Aug, 2018 0 Comments

The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career.

Changing technology and evolving workplaces means that at some stage in every taxpayer’s life, an educational re-boot could become necessary — as the adage says, “you’re never too old to learn”. Therefore supplementary education mid-career is v

Transfer Balance Account Report (TBAR) Update

Posted by Team AVS on 27 Jul, 2018 0 Comments

The ATO requires SMSF trustees to use the superannuation transfer balance account report (TBAR) to advise it when a transfer balance account event occurs. It uses this information to adjust a fund member’s transfer balance account so it can correctly apply the transfer balance cap provisions.

SMSF trustees are required to report the following events:

super income streams in existence just before 1 July 2017
any of the following events

Plan ahead: Tip to better prepare for Tax Time 2019

Posted by Team AVS on 17 Jul, 2018 0 Comments

It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes.

If you haven’t used it already, note that the ATO has an app called myDeductions that will make record keeping easier. The tool allows you to record deductions includin

Can you claim a tax deduction for insurance premiums?

Posted by Team AVS on 7 Jul, 2018 0 Comments

As a general guideline, the ATO will allow a deduction for certain insurance premiums if it can be shown that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally out. Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by the ATO in certain circumsta

Looking to buy a home? You may soon need to withhold and remit GST

Posted by Team AVS on 29 Jun, 2018 0 Comments

With the end of the financial year in sight, there is one more thing you will need to be aware of regarding changes to the tax landscape — especially those thinking of purchasing a residential property.

From 1 July this year, buyers of new residential premises (or “potential residential land”) will be required to withhold an amount from the contract price for GST and remit this directly to the ATO on or before settlement.

The sorts of

Your car expenses claims to get the blowtorch treatment this tax time

Posted by Team AVS on 21 Jun, 2018 0 Comments

Assistant Commissioner Kath Anderson has announced that the ATO is particularly concerned about taxpayers either making mistakes or deliberately lodging false claims in relation to work-related car expenses over tax time 2018.

“Last year around 3.5 million people made a work-related car expense claims, and together they totalled about $8.8 billion,” Anderson says. “Now that’s a lot of money — and Australians expect us to make sure

Managing tax disputes can be like wrestling with a superhero

Posted by Team AVS on 14 Jun, 2018 0 Comments

It is sometimes said that a superhero like the DC Comics character Superman can be an uninteresting character because he is, for all practical purposes, indestructible. Critics have said the knowledge that he will most likely win can make Superman’s adventures monotonous.

A similar accusation could be levelled at the Federal Commissioner of Taxation (the flesh and bone personification of the ATO). To most people, including a hefty majority o

Are your Precious possessions out of burglars’ reach?

Posted by Team AVS on 5 Jun, 2018 0 Comments

Although we are all aware of thefts, we tend to think that it will never happen to us. But as thousands of home owners find out every year, it can happen to anyone of us.

Sure, we are often taught techniques to avoid house burglary, such as leaving the lights on while we’re out or install a security alarm. But burglars have been known to override these measures. With theft on the rise, it is obvious that our valuables may not always be safe

SMSF Asset Valuations And The Contribution Caps

Posted by Team AVS on 28 May, 2018 0 Comments

Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may also find themselves facing action by ASIC.

The new contribution caps require that assets of the fund, as at 30 June 2017, must be properly valued to determine the fund’s total asset value.

If

"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 our tax advisers and accountants for more than 3 years now. We have a great working relationship and constantly receive industry updates and useful information for our business. I would recommend AVS to any one as I feel they provide a very professional, timely and accurate service. They are well versed in Tax and superannuation legislation and support all of our business needs. They are a pleasure to deal with and we are sure that we are always dealing with advisers who understand business very well.

Justin Wilson CEO, J.W.W Trading 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

“Team at AVS Business Services helped us set up our SMSF and put the correct structure in place for acquisition of real properties in our SMSF. AVS has exceeded our expectations and their specialist team has provided valuable support throughout the process of buying properties in our SMSF. We highly recommend their services. “

G.D Singh & Dr Jaskirat Singh SMSF Trustees

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