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Duties and taxes when you buy online from overseas

Posted by Team AVS on 21 Apr, 2018  0 Comments

Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also, the usual duties or taxes should apply.

Customs duties are regulated by the Department of Home Affairs (a recently formed body from December 2017, which now oversees the Australian Customs Service as well as Immigration and Border Protection).

Relevant facts to kee

Crackdown on “other” work related expenses, and inquiry into tax deductibility

Posted by Team AVS on 14 Apr, 2018  0 Comments

It seems that the ATO will be taking a dim view (or dimmer, this year) of the abuse of work-related expense claims for individual taxpayers. The total value of such claims rose to a record $21.2 billion in 2017, and reports contend that the ATO is concerned about over-claiming and even outright fraud.

ATO advice for taxpayers, before including claims for work-related expenses at the label for “other” work-related expenses for 2018 tax time

Bitcoin: Its place in your wallet or SMSF portfolio

Posted by Team AVS on 7 Apr, 2018  0 Comments

While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 cryptocurrencies in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but sits in an electronic register.

What makes bitcoin work, where previous attempts at electronic cash did not, is in the magic of something called blockchain.


Selling a business? Don’t forget the “going concern” GST exemption

Posted by Team AVS on 30 Mar, 2018  0 Comments

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold.

The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to continue trading. The ATO says a supply of a going concern occurs when:


What types of legal expenses are tax deductible?

Posted by Team AVS on 15 Mar, 2018  0 Comments

When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature if it is specifically excluded by another section of income tax legislation, or is incurred in earning exempt and non-assessable non-exempt income.


Valuations and your SMSF

Posted by Team AVS on 7 Mar, 2018  0 Comments

The days of a lax approach to valuations are over. While there is not always the need to employ a qualified independent valuer for each valuation, there are important circumstances where it is mandated, and others where it is recommended. Where one is not used then appropriate documentation needs to be kept of how valuations were determined. Back of the envelope or simply made-up valuations will not suffice.


Having fun AND making money. But is it a business or a hobby?

Posted by Team AVS on 28 Feb, 2018  0 Comments

It may seem fairly obvious whether a person is in business or not, but the distinction can be important for other reasons. Your client may be having fun AND making money. But is it a business or a hobby?

For example, if you are not carrying on a business, the option to deduct losses from other income is lost. So it’s important to establish, from a tax obligation point of view, that your “activity” is more than a hobby, and is, in fact, a bona fide business. Losses from hobbies (including most party plan ventures, such as Tupperware parties) are not deductible against other income.


The process (and pros and cons) of ‘electing’ to be a family trust

Posted by Team AVS on 23 Feb, 2018  0 Comments

Trusts are an important and very useful concept for managing one’s financial affairs, as well as estate planning.

A trust is established whenever there is a separation of the legal ownership (for example, the name appearing on a land title) from the beneficial (equitable) owner of an asset (in other words, the person that a court would deem to be the true owner).


Can an SMSF invest in property development?

Posted by Team AVS on 16 Feb, 2018  0 Comments

The ATO has been sending some mixed messages about property development involving an SMSF and has indicated that it is one of the issues on its radar for 2018. So is property development an allowable investment for an SMSF? The short answer yes, but be careful. A longer answer is be very careful — it is very easy to trip up and breach one or other rules. The ATO is keeping an eye on this and will scrutinise any fund utilising property development.


Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.