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How to support the charity of your choice while claiming a tax deduction

Posted by Team AVS on 28 Apr, 2022  0 Comments

With Australians expected to make significant charitable donations to support flood-impacted areas, the Australian Taxation Office (ATO) is urging taxpayers to make sure that if they want to claim a deduction in their tax return for a donation they have made, it meets the criteria to be tax-deductible.

Assistant Commissioner Tim Loh said, “We know Aussies are very charitable and after the recent floods, we are expecting to see a lot of donat

ATO’s new crackdown on Discretionary Trusts

Posted by Team AVS on 22 Apr, 2022  0 Comments

The ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable view on what were previously understood to be legitimate arrangements.


For various reasons, including legal tax minimisation and asset protection, many business owners oper

FBT year-end checklist

Posted by Team AVS on 9 Apr, 2022  0 Comments

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf.

Although it will generally fall to your accountant to prepare the FBT return, from your software file or other records, all of the instance

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