Rental travel expenses mostly off the table

Posted by Team AVS on 20 Mar, 2019 0 Comments

The ATO recently highlighted significant non-compliance with the rules prohibiting taxpayers claiming travel expenses related to residential rental properties.

Late last calendar year, the ATO revealed that it had identified 26,000 taxpayers who had incorrectly claimed deductions for travel to rental properties during tax time 2018, despite recent changes to the law in this area.

New rules, introduced just over a year ago, mean that investo

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.

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

"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

“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

“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

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