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Accessing your payment summary or income statement

Posted by Team AVS on 21 Jan, 2020  0 Comments

How you get your end of financial year information from your employer showing your earnings for the year (also known as a payment summary or income statement) depends on how your employer reports your income, tax and super information to ATO. You will be provided with either:

An income statement – if your employer reports your income, tax and super information to us through Single Touch Payroll (STP) they are no longer required to give you

Trust distributions from a discretionary trust

Posted by Team AVS on 7 Jan, 2020  0 Comments


The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets. A trust is not a legal entity. It is best described as a legal “relationship” that is controlled by the trustee of the trust under the terms of the trust deed.



The trustee is the controlling mind of the

If you’re in business, you need to know about the PPSR

Posted by Team AVS on 24 Dec, 2019  0 Comments

There is a simple step that many businesses can take to better manage the risk that can attach to certain assets

Not so many years ago, a new scheme was introduced, which also established a national register, that could affect anyone who answers “yes” to any of the following scenarios — are you in business, and do you:

sell goods on retention of title terms?
hire, rent or lease out goods?
buy or sell valuable second-hand goods or

CGT concessions: Does your business qualify?

Posted by Team AVS on 19 Dec, 2019  0 Comments

Wondering if you’re eligible to claim the CGT concessions can be settled by answering a few basic questions.


In addition to the capital gains tax (CGT) exemptions and rollovers available more widely, there are four additional concessions that allow a small business to disregard or defer some or all of a capital gain from an active asset used in the business:

50% active asset reduction – where you can reduce the capital gain on an

To claim vehicle expenses, odometer records are not strictly “set-and-forget”

Posted by Team AVS on 10 Dec, 2019  0 Comments

The rules for individuals making claims for vehicle expenses (which apply to both employees and non-employees) state that taxpayers are required to substantiate claims for a vehicle that is used for income-producing purposes.

Remember however that unlike other work-related expenses, the $300 substantiation threshold does not apply to claims made for car expenses.

There are two methods to choose from (from the 2015-16 income year) — the lo

Small business: Low-cost assets and the threshold rule

Posted by Team AVS on 25 Nov, 2019  0 Comments

There is a rule in the tax law that allows a business that doesn’t use simplified depreciation to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets.

Known as the threshold rule, this can help small business owners save time as well, because you don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital nature (generally written-off over time).

Benefits that attract FBT, but not the requirement to report them

Posted by Team AVS on 4 Nov, 2019  0 Comments

Employers may have heard about certain fringe benefits that, while still subject to the tax, do not have the same reporting burden as other benefits. There can be consequential or flow-on affects from this exemption from reporting, such as the influence this can have on adjusted taxable income.

Employers are not required to allocate the following excluded benefits to employees or report them on income statements (payment summaries).


Fictions (and facts) about work expense deductions

Posted by Team AVS on 12 Oct, 2019  0 Comments

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.

This year’s tax time saw media reports about various outlandish tax claims — for example the ATO being faced with claims for dental expenses, gambling losses, Lego sets, sunscreen (and an umbrella) for cigarette breaks, and even the cost of a wedding reception (all rejected,

CGT exemption on inherited homes

Posted by Team AVS on 24 Sep, 2019  0 Comments

Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience. From a tax law perspective, when someone dies a capital gain or loss does not apply when a property passes:

to the deceased person’s beneficiary
to the deceased person’s executor or other legal personal representative (LPR), or
from the deceased’s LPR to a beneficiary.

While generally no CGT applies when assets a

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

Posted by Team AVS on 18 Sep, 2019  0 Comments

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, and how best to avoid them.
1. Apportioning expenses and income for co-owned properties
If you own a rental property with someone else, you must declare rental income and claim expenses according to you

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