Are you eligible to make a personal deductible contribution?
Thought of registering a trademark for your new business?
The ATO has issued a reminder around trademarks!
For background, a trademark legally protects your brand and helps customers distinguish your products or services in the market from others. Trademarks can be used to protect a logo, phrase, word, letter, colour, sound, smell, picture, movement, aspect of packaging or any combination of these. In short, they protect your brand, products and services.
...Continue reading »Self-education – when is it deductible?
There is no specific provision in the income tax legislation that allows a deduction for self-education expenses. Rather the expenditure falls for consideration under the general deductibility provision of Tax Act. In broad terms this allows for, but also limits, deductible expenses to those incurred in the course of earning assessable income. This requires a close nexus between the expenses incurred and assessable income: the expense must be incidental and relevant to the gaining of the assessable income.
...Continue reading »Avoid schemes targeting SMSFs
Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately channel money or assets into your SMSF so you pay less tax. They may also include arrangements promoting the illegal early release of benefits from your fund for personal use.
...Continue reading »Discounting your capital gain
The capital gains tax (CGT) discount can reduce a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more by 50%.
...Continue reading »Appointing an SMSF auditor
If you have an SMSF, you need to appoint an approved SMSF auditor for each income year, no later than 45 days before you need to lodge your SMSF annual return (SAR).
...Continue reading »Costs of a caravan/motor home for work-related travel
I run a small business that requires me to travel quite a lot, particularly to country areas where I will often stay overnight. To save on accommodation costs, I have purchased a caravan. I have a business logo on the side of the caravan that is on display when I attend town shows and events. Will the costs of purchasing and maintaining my caravan be deductible in my individual income tax return?
...Continue reading »Client Story: Lake Breeze Wines
Over 130 years ago, Arthur Follett established the first vineyards on his Langhorne Creek property. The Follett family went on to become successful grape growers and dairy farmers – but if someone had told him then, that they would become one of Australia’s most awarded small wineries, with a restaurant, B&B, and event centre, he would probably never have believed it.
...Continue reading »Trusts – are they still worth it?
The recent ATO crackdown on trusts will no doubt have some business owners asking themselves the question: Is this structure still the best option for my business?
...Continue reading »Tax Time: Unexpected first-time debts
For the first time, many Australians are finding themselves in a position where they are being told they owe the ATO money after completing their tax return this year.
...Continue reading »Gifting to employees
Some employers, especially at Christmas time or for birthdays, give small gifts to their employees or the employee’s associates (i.e. spouses). These gifts typically take the form of bottles of wine, movie tickets, gift vouchers etc. The tax treatment of these gifts from an employer standpoint, depends upon a range of factors.
...Continue reading »SMSFs and higher interest rates
SMSF trustees with limited recourse borrowing arrangements (LRBAs) are now feeling the impact of 10 interest rate rises since May 2022 in one hit, from July 2023.
...Continue reading »R&D reminder
The ATO has issued a reminder for companies wishing to claim a tax offset for their R&D (research and development) activities. The reminder was issued in the context of the ATO’s success in the Federal Court decision T.D.S. Biz Pty Ltd v FCT (2023 FCA 710).
...Continue reading »Super withdrawal options
For individuals who have retired and met a condition of release, or who have turned 65 and are still working, you can receive your superannuation as a super income stream, as a lump sum, or a combination of both. This third option is quite popular for those who have yet to pay out their house, for example – a lump sum is withdrawn to pay off the remainder of the mortgage, and the balance used to commence a super income stream.
...Continue reading »Super guarantee increases to 11%
The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2023 – will employees be entitled to the higher SG rate of 11%?
...Continue reading »Superannuation and the right to delegate
Key Federal Court case may have a bearing on definition of an employee.
...Continue reading »Time for a restructure?
The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered as such as asset protection, establishment and ongoing compliance costs, succession planning, and your understanding of each structure etc.
...Continue reading »Fair Work changes
Although not related to tax, there are a number of changes on the Fair Work front that employers should be aware of.
...Continue reading »New Oreon Video Special Story
We are delighted to launch our new video, featuring some fantastic clients. Learn more about Oreon, how we started, what we’re all about, and why we love being partners with Xero.
Oreon Partners - Corporate Event Special Story
To coincide with the Adelaide 500 motor racing weekend, Oreon Partners proudly hosted a fun-filled corporate event in our grounds with viewing decks, food, drinks and plenty of action. Enjoy our recap video from the weekend.
https://youtu.be/U-Ip_Gp-4bE