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Tax deductions specifically for SMSFs

Posted by Team AVS on 3 Aug, 2017  0 Comments

One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members.

If an SMSF trustee incurs an expense in the usual operation of the fund, this will generally give rise to a deductible expense against assessable income.


Substantiation for mobile, home phone and internet costs

Posted by Team AVS on 28 Jul, 2017  0 Comments

The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you use any of these for work purposes you should be able to claim a deduction if there are records to support claims.

But the ATO points out that use for both work and private matters will require you to work out the percentage that “reasonably relates” to work use


A big tax refund isn’t always a great news for you

Posted by Team AVS on 19 Jul, 2017  0 Comments

A large tax refund may feel like free money, but it isn’t. During 2015-16, ATO has refunded close to $28b to individuals. Many tax refund recipients are putting that money to work. Some taxpayers getting a refund expect to save or invest the money, while others may use the money to pay down the debt.
Here’s the bad news: If the ATO sends you a huge check, it means you’ve likely overpaid on taxes throughout the year.


How does the Budget 2016 affect contributions to an SMSF – Guest Post by Liam Shorte

Posted by Team AVS on 27 Jun, 2016  0 Comments

I am breaking the Budget down into bite size chunks with strategies to consider going forward for SMSF Trustees. The first part which dealt with pension strategies is available here . This second part deals with changes to contribution options, methods and caps
The concessional contribution cap will be reduced from the current level of $30,000 to $25,000 from 1 July 2017, irrespective of the age of the individual. The higher cap of $35,000 that currently applies to individuals over age 50 will be abolished. The reduced cap will continue to be indexed in future years in line with wages growth.


5 Must-dos for Small Business Owners for EOFY – by Intuit Quickbooks

Posted by Team AVS on 23 Jun, 2016  0 Comments

If you work on your accounts regularly, this won’t be such a problem. But if you tend to push everything to one side, you may have a large backlog to catch up on. Moving from paper or Excel accounts to professional accounting software can help you here, as it will automate a lot of tasks such as bank transactions. Miscoding these is the top mistake made by small businesses, according to a survey of members of the Institute of Public Accountants (IPA).


Medical practitioners and tax deductions

Posted by Team AVS on 23 Jun, 2016  0 Comments

Going to basics, income tax is levied on the taxable income which is the resultant amount of assessable income minus allowable deductions. Assessable income is which we receive for services rendered and allowable deductions are expenses which are incurred for earning the assessable income. Balance amount which remains is taxable income on which tax rate is applied. So, in order to lower the tax liability one has to maximize the allowable tax deductions.


Year-end Tax Planning Strategies

Posted by Team AVS on 15 Jun, 2016  1 Comments

The financial year is going to end soon and as your accountant, it is our responsibility to help you arrange your financial affairs in a manner so as to minimize your tax liability within the framework of the Australian taxation system. Here, we have put together some strategies for year-end tax planning. You need to act fast, and should you want to discuss your circumstances and how you can take advantage of these strategies


7 Things Businesses Can’t Claim as a Tax Deduction: Part 2– by Intuit Quickbooks

Posted by Team AVS on 31 May, 2016  0 Comments

Businesses can incur many expenses, but not all of them are tax deductible. Aside from things like entertainment expenses, phone use and certain business travel, we highlight additional expenses you should think twice about before claiming. While we’ve previously run through some of the popular mistaken tax deductions, you should be aware of a few more to avoid questioning and potential prosecution from the Australian Tax Office.


Are Transportation and Travel Tax Deductible? – by Intuit Quickbooks

Posted by Team AVS on 31 May, 2016  0 Comments
Find out exactly what is and isn’t tax deductible when it comes to travel expenses.

While transportation can be practically essential to earning an income, the costs of travel and transport aren’t always tax deductible. We explain situations where you can safely claim the cost of travel and transport and when you can’t.
The General Rule about Travel
The ATO generally does not permit individuals to deduct the cost of travel to and from

Growing Your Business Sucessfully – by Intuit Quickbooks

Posted by Team AVS on 6 Apr, 2016  0 Comments

Growth in a small business is a great sign, but it’s important to know how it changes operations.

It’s an exciting time when your small business begins to grow – from gaining new clients to increasing your range of services, there are a number of areas your company can expand on. Growing your business can be challenging. Learn how to make it a smooth process.
Getting advice from a range of people is a smart way to see how the growth of your small business will affect the way you work and the operation as a whole. Speak with a financial consultant or accountant on cash flow planning,


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.