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What if you are forced to unwind your LRBA? Best to have a contingency plan

Posted by Team AVS on 4 Jan, 2018  0 Comments

Limited recourse borrowing arrangements (LRBAs) were once all the rage in SMSF land. However, with the tightening of banking rules this frenzy has begun to abate somewhat over the last few years. LRBAs are great in a growing market as they allow an SMSF to grow the value of assets it holds in the expectation of greater retirement income.


Getting deductions for clothing and laundry expenses right

Posted by Team AVS on 22 Dec, 2017  0 Comments

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms.
To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have diary records or other evidence of your cleaning costs.


Understanding novated leases, FBT and claims for work-related car expenses

Posted by Team AVS on 15 Dec, 2017  0 Comments

A novated lease is a popular way for employers to reward and incentivise their staff. Through a salary sacrifice arrangement that includes a novated lease, employees are provided with a vehicle and can also reduce their personal tax liability. However, employees should understand how fringe benefits tax (FBT) might apply to their arrangement and what they can do to minimise an FBT liability.


Can salary sacrifice work for you?

Posted by Team AVS on 30 Nov, 2017  0 Comments

Salary sacrifice can be a great way to get a part of your remuneration in a form other than cash – and not personally pay tax on it.

Salary sacrifice (or salary packaging) is where you agree to take part of your wage as a benefit of some kind, equal in value to the salary it is exchanged for. The upside in you doing this is that your income tax is then based only on the reduced amount of salary that results.

If your employer agrees to go

Implications of Company Franking Credits

Posted by Team AVS on 16 Oct, 2017  0 Comments

The recent cut to the tax rate for incorporated businesses that turnover less than $50 million a year, while generally welcomed, can bring with it some important considerations when it comes to distributing franked dividends.

The rate change to 27.5% is to be staggered, starting with companies that turnover up to $10 million a year, with retrospective effect from July 1, 2016. It will then apply to companies turning over up to $25 million in 2

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,


Starting a new Business? – Choose the right structure

Posted by Team AVS on 2 Feb, 2016  0 Comments

Choosing the right structure for your business is an important decision when setting up a new business. There is no ‘one size fits all’ solution and often, choosing the right structure would depend upon number of factors, for example;
– the type of business you have,
– the number of owners/people involved in business,
– whether you plan to hire employees,
– how much income you expect business to bring,
– how you plan to grow your business in the longer run.


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.