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

Company Directors: Do You Really Know Your Responsibilities?

Posted by Team AVS on 19 May, 2018 0 Comments

As though business owners and principals don’t already have enough on their minds, discussion about the ups and downs of the business environment is being heard around the barbecue again — just to add to the list of excuses for not sleeping well at night.

Company directors especially need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company (see

Federal Budget 2018

Posted by Team AVS on 12 May, 2018 0 Comments

The item that may receive the most analysis from the whole of this year’s federal budget will be the increase of the 32.5% tax bracket, and an expansion of the Low Income Tax Offset.

A win for small businesses in this year's budget sees the retention of the $20,000 instant asset write-off for another 12 months until 30 June 2019. Also a limit will be imposed on the amount of cash payments made to a business. There is also a change to the R

DEALING WITH TAX AND RENTING VIA AIRBNB

Posted by Team AVS on 5 May, 2018 0 Comments

Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”, to rent out a room of their house or their whole house for a short-time basis via its online platforms.

While the focus here is on Airbnb, the tax concepts outlined could be applied i

SMSF commutation requests: How to get the green light from the ATO

Posted by Team AVS on 28 Apr, 2018 0 Comments

The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review.

With recently introduced superannuation rules now in effect (from 1 July 2017), superannuation members with income streams that are valued in excess of $1.6 million will need to commute the excess by 30 June at the latest in order n

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

“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

"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 Accountant for couple of years now. This technical expertise coupled with personalised service is an excellent combination. I would happily recommend them to anyone looking for an accountant.

Atul Narang Designworxz Australia Pty Ltd

“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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