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

Tax when you’re headed overseas

Posted by Team AVS on 2 Sep, 2019 0 Comments

Most people’s “to-do” list when they are planning a trip overseas will likely include items such as travel insurance, phone chargers or taking photos of their passport — but probably the last thing on anyone’s minds will be their likely tax situation before, during or after that trip-of-a-lifetime.

However, a few simple considerations, taken in the context of your personal circumstances, may end up making quite a difference to your f

What you need to know about trust distribution resolutions?

Posted by Team AVS on 16 Aug, 2019 0 Comments

An essential starting point for consideration of trust income and how that income is to be distributed is to look at the trust deed. This very central document sets out the rules and expectations for the governance and operation of the trust and the powers that can be exercised by the trustee.

There is a certain level of external regulation of trustees, in that each state and territory has its own trustees’ act, however in a practical sense

Small businesses need to get “active” to pay less tax

Posted by Team AVS on 7 Aug, 2019 0 Comments

For small business owners who are disposing of assets that have risen in value during the time they have owned and used them in their business, accessing one or more of the available small business capital gains tax (CGT) concessions can greatly reduce any consequent tax liability.

Indeed, many small business owners find they can reduce possible CGT liabilities to zero. For example, you can reduce the capital gain on an active asset by 50%, an

ATO actions on trusts and tax avoidance

Posted by Team AVS on 29 Jul, 2019 0 Comments

The ATO says that it recognises that most trusts are used appropriately and for legitimate purposes. It says it will continue to help those who make genuine mistakes or are uncertain about how the law applies to their circumstances.

But even so, the ATO has a number of “trust risk rules” in place to identify higher risk compliance issues — at the same time, acknowledging that most trusts do not trigger these risk rules.

Its stated pri

ATO expects many laundry claims will be hung out to dry

Posted by Team AVS on 22 Jul, 2019 0 Comments

This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to — and which you should approach with caution when claiming these deductions.

For example, the ATO has already flagged that it will be checking returns for taxpayers who take advantage of the exemption from keeping receipts when spending less than $150 on laundry expenses. The ATO believes that too many people are claiming this without

New labels in the 2019 SMSF annual return

Posted by Team AVS on 8 Jul, 2019 0 Comments

The SMSF annual return for 2019 has a number of new questions and labels that SMSF practitioners and trustees need to be aware of.

In previous years, the ATO advised trustees that the question in the annual return regarding whether Part B of the audit report was qualified could be answered with a “no” if the only reason the auditor qualified Part B was because they could not confirm the information provided to them (for example, opening ac

Help coming to you this tax time

Posted by Team AVS on 27 Jun, 2019 0 Comments

The Australian Taxation Office (ATO) is helping taxpayers to get their tax returns right through pop-up shops and the Tax Help program.

“These two programs help thousands each year to get it right at tax time. Staff at our pop-up shops can explain the benefits of going digital, while our Tax Help program helps those on low incomes with simple tax affairs, to do their return, which is especially important.” Assistant Commissioner Karen Foat

“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

Being a layman with Tax and Accounting and new to Australia, I was looking for a professional and efficient tax accountant who can also help me understand the tax structure here and show some avenues to save money.I was recommended to AVS through my friend and it was no looking back since then.Team at AVS are diligent tax professionals with an eye to detail. They spend time in understanding the requirements and needs of clients, ensuring it aligns with all the legal aspects.I am very pleased working with AVS and would recommend to anyone who is looking for professional, efficient and personalized tax accounting services.

Som Mukherjee IT Professional - Project Manager - Banking and Finance

"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

"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

“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

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