Rental property owners: Top 10 tips to avoid common tax mistakes

The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims, and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles,…

SMSF trustees: Operating expenses you can deduct

Operating expenses that are incurred by an SMSF are mostly deductible, however there can be exceptions to the extent that these relate to the gaining of non-assessable income (such as exempt current pension income) or are capital in nature. The following…

Tax and the kids’ savings

If a child is under the age of 18, and they earn income on their savings account, remember that the ATO considers that the person who “owns” the interest depends on who uses the funds of that account (no matter what type of account it is…

Property development and tax

The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations. The considerations facing the ATO are many and varied, but can include topics such as whether an agreement…

Fictions (and facts) about work expense deductions

There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. We sort out fact from fiction. This year’s tax time saw media reports…

The tax Airbnb hosts must know to avoid a nasty shock

One of the success stories of the sharing economy has been Airbnb, which matches private accommodation to potential renters. But getting involved in letting part of your home through Airbnb can deliver a nasty, and little understood, tax sting. Broadly,…

Cash flow can make or break your business, so take time to safeguard it

According to a recent survey by research firm East & Partners for lender Scottish Pacific, nearly 80 per cent of owners of small and medium enterprises said cash flow issues caused them the most sleepless nights.[1] So what might…

Protecting Your Small Business

Owning and operating a small business is hard work. The last thing you need is to lose it all because of poor insurance choices. Do your homework First you need to work out what needs to be covered. There are the obvious things such as…

Break free from being asset rich and cash poor

Here are four ways to try boost your income. Are you asset rich but cash poor? You’re not alone. Data from the Australian Bureau of Statistics shows that almost one-third of older Australians in low-income households were asset rich but…

Develop an investment plan

Your game plan'Plan your life, live your plan.' Yes, it's a cliché. But when it comes to investing your money, it makes a lot of sense to have a plan. Putting a plan together involves developing strategies and choosing the right investments.…