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Federal Budget 2019: What it means for you

Posted by Team AVS on 3 Apr, 2019  0 Comments


The Treasurer Josh Frydenberg’s first budget has lots of goodies with few “baddies”. This was to be expected with the next federal election only weeks away and the Coalition Government trying to make up ground in the polls.

The Treasurer’s “wow” factor was a return to a budget surplus of $7.1 billion for the 2019-20 fiscal year.

Without increasing taxes, the Coalition Government, if re-elected, promises to deliver on

The consequences of illegal early access to super

Posted by Team AVS on 28 Mar, 2019  0 Comments

Taking super out of any fund early, or encouraging others to do so, without meeting a condition of release, is illegal.

When talking with members, advise them to beware of promoters offering to help them withdraw their super early. These promoters claim your members can withdraw their super early and put the money towards anything they want - this is not true.

Members need to be aware there are serious consequences for withdrawing their sup

Rental travel expenses mostly off the table

Posted by Team AVS on 20 Mar, 2019  0 Comments

The ATO recently highlighted significant non-compliance with the rules prohibiting taxpayers claiming travel expenses related to residential rental properties.

Late last calendar year, the ATO revealed that it had identified 26,000 taxpayers who had incorrectly claimed deductions for travel to rental properties during tax time 2018, despite recent changes to the law in this area.

New rules, introduced just over a year ago, mean that investo

Removing tax-deductibility of non-compliant payments

Posted by Team AVS on 12 Mar, 2019  0 Comments

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.

If the PAYG withholding rules require a business to withhold an amount from a payment that the business makes to a worker, the business must:

withhold the amount from the payment befo

When valuations of property are important for tax

Posted by Team AVS on 4 Mar, 2019  0 Comments

There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands.

A common example of this is in respect of property, and especially for transactions when a valuation is necessary for tax purposes.

For example, let’s say that Humbert transfers his rental property to his daughter Dolores for no consideration. The tax law, specifical

To meet your tax obligations with ease, a good record-keeping is a must

Posted by Team AVS on 26 Feb, 2019  0 Comments

During the financial year, you'll receive documents that are important for doing your tax, such as payment summaries, receipts, invoices and contracts.

Generally, you need to keep these for five years from when you lodge your tax return in case ATO ask you to substantiate your claims.

Records you need to keep include:

payment summaries from payers, including your employer and the Department of Human Services
statements from your bank

Small businesses (with fewer than 20 employees) are now covered under Single touch payroll reporting rules

Posted by Team AVS on 15 Feb, 2019  0 Comments

With the passage of relevant law on 12 February 2019 by Australian Parliament, more than 700,000 Australian small businesses are set to be covered by the ATO's single touch payroll rules.

Single Touch Payroll (STP) rules require that employers have to report information related to employees’ tax and super to ATO with every payroll event instead of monthly or quarterly reporting. So, every time a business does a pay run, information through S

Guide to making motor vehicle expense claims

Posted by Team AVS on 7 Feb, 2019  0 Comments

A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming a deduction for motor vehicle expenses.

Key points to keep in mind include:

the way a claim is calculated depends on your business structure
if business changes structure, your entitlements and obligations may also change
you must apportion expenses between business and private use

Insurance cover through your SMSF can be tax deductible

Posted by Team AVS on 29 Jan, 2019  0 Comments

Buying insurance within an SMSF can give access to deductible expenses that would otherwise not be available, as some insurance premiums, such as for life insurance (which typically cannot be claimed as deductions by individuals for income tax purposes) may be available as tax deductions for the SMSF.

The same concession applies for any super fund, but the deductibility is available to the fund itself — therefore previous members of retail o

How to pay your BAS?

Posted by Team AVS on 21 Jan, 2019  0 Comments

The quickest and easiest way to pay your BAS is with BPAY, a credit or debit card.

You can also pay using a payment reference number (PRN) if you lodge online.
Early payments to offset future BAS
To offset your future BAS liability, you can voluntarily make early payments. You will need your PRN, and you can use any of the available payment methods.
Payment reference number (PRN)
A payment reference number is your unique identifier that en

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