Have you received support in difficult times

Posted by Team AVS on 16 Jan, 2024 0 Comments

Find out if your grant is assessable income or non-assessable income.

Many small businesses across Australia may be experiencing challenges due to recent weather events, so worrying about meeting your tax obligations will not be your highest priority. However, it is important to understand tax implications of a business support grant.

You may have received a grant to assist your business to navigate through this or another challenging time

Deductible gift recipient eligibility

Posted by Team AVS on 10 Jan, 2024 0 Comments

You must meet certain requirements to be endorsed as a deductible gift recipient (DGR).

Types of DGR endorsement

Work out if you are eligible to be endorsed as a deductible gift recipient (DGR).

There are 2 types of DGR endorsement:

where an organisation as a whole fall within a DGR category
where a fund, authority or institution that is operated by an organisation falls within a DGR category.

If an organisation as a whole fall

Dependants for Medicare levy exemption

Posted by Team AVS on 20 Dec, 2023 0 Comments

Medicare levy exemption dependants

For the Medicare levy exemption (but not for the Medicare levy reduction), dependant means an Australian resident for tax purposes you maintained who was either:

your spouse
your child under 21 years old
your child, 21 to 24 years old
receiving full-time education at a school, college or university, and
whose adjusted taxable income for the period was less than the total of $282 plus $28.9

Lodgement penalty amnesty program

Posted by Team AVS on 12 Dec, 2023 0 Comments

As part of the 2023–24 Budget, the government announced a lodgement penalty amnesty program for small businesses.

For lodgements eligible for the amnesty, failure to lodge (FTL) penalties will be remitted, without the need for you to apply. You might see an FTL penalty on your account for a period of time, but we will remit it.

To be eligible for the amnesty, you must meet the following criteria:

had an annual turnover of less than

Costs of a caravan/motor home for work-related travel

Posted by Team AVS on 28 Nov, 2023 0 Comments

SCENARIO

I run a small business that requires me to travel quite a lot, particularly to country areas where I will often stay overnight. To save on accommodation costs, I have purchased a caravan. I have a business logo on the side of the caravan that is on display when I attend town shows and events. Will the costs of purchasing and maintaining my caravan be deductible in my individual income tax return?

GUIDANCE

In these challenging an

When two bonuses are not enough…Introducing the Energy Incentive!

Posted by Team AVS on 21 Nov, 2023 0 Comments

If you’ve been putting off upgrading the inefficient office air-conditioner, a new 20% bonus deduction might just be the incentive you need to help beat the heat before it arrives with a vengeance!

Whilst the small business Technology Investment Boost has now ceased, not only can you still take advantage of the Skills and Training Boost (generally for expenditure on training employees incurred before 30 June 2024), but there is also now a ne

Don’t overlook the CGT small business roll-over concession

Posted by Team AVS on 15 Nov, 2023 0 Comments

The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free if paid into a superannuation fund.

But it is often forgotten that the gain can also be rolled over.

And this concession can be very useful depending on your circumstances and business intentions, especially where it may be used in

Who is a resident for tax purposes?

Posted by Team AVS on 7 Nov, 2023 0 Comments

A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a ‘citizen’ of Australia.

Moreover, it is highly relevant from a tax point of view, as a person who is a resident of Australia for tax purposes is liable for tax in Australia on their income from ‘all sources’ (ie, both from Australia and overseas) – including capital

Research & Development reminder

Posted by Team AVS on 1 Nov, 2023 0 Comments

The ATO has issued a reminder for companies wishing to claim a tax offset for their R&D (research and development) activities. The reminder was issued in the context of the ATO’s success in the Federal Court decision T.D.S. Biz Pty Ltd v FCT. 1

By way of background, the research and development tax incentive (R&DTI) helps companies innovate and grow by offsetting some of the costs of eligible R&D.

The incentive aims to boost c

Property developers – and would – be ones – beware!

Posted by Team AVS on 1 Nov, 2023 0 Comments

For property developers (or would-be property developers) a recent decision of the Federal Court may be of interest.

In Makrylos v FCT [2023] FCA 971, land acquired by a property developer was treated as trading stock from the date of its original acquisition, and not a later date proposed by the taxpayer. This meant, among other things, that his profit was calculated on the original purchase price of the land and not the later (and larger) ma

AVS Business Services have been our tax advisers and accountants for more than 3 years now. We have a great working relationship and constantly receive industry updates and useful information for our business. I would recommend AVS to any one as I feel they provide a very professional, timely and accurate service. They are well versed in Tax and superannuation legislation and support all of our business needs. They are a pleasure to deal with and we are sure that we are always dealing with advisers who understand business very well.

Justin Wilson CEO, J.W.W Trading Pty Ltd

“I was looking to move away from accounting on spreadsheets so that I could have better control over my business. AVS Business Services looked in detail at my accounting needs and helped me choose the solution that is best for me. I am very pleased with the inputs I receive from them on a regular basis and would recommend their services to anyone without hesitation”

Deepak Kumar Director, D.S Webtech Pty Ltd

"AVS Business Services have been looking after our SMSF and our family’s tax affairs for a number of years. Their experience, professionalism and knowledge is of the highest order.Their personalized service and depth of understanding in setting up and managing a SMSF is excellent. They are also happy to go out of their way to assist in every way no matter how small it is."

We would be happy to recommend their services.

Glenn & Andrea Bouche SMSF Trustees

“Team at AVS Business Services helped us set up our SMSF and put the correct structure in place for acquisition of real properties in our SMSF. AVS has exceeded our expectations and their specialist team has provided valuable support throughout the process of buying properties in our SMSF. We highly recommend their services. “

G.D Singh & Dr Jaskirat Singh SMSF Trustees

"We've utilised the services of AVS Business Services for a few years now and can honestly say the team of AVS have always provided excellent service on a personal and business level. Nothing is too much trouble and they're readily available to assist at the drop of a hat. Their service sets them apart from previous accountants worked with. We would definitely recommend their service to anyone looking for an accountant.”

Aaron & Linda Henry A.B Henry Pty Ltd