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

Changes to unfair contract terms laws, What businesses need to know

Posted by Team AVS on 16 Oct, 2023 0 Comments

Soon to be implemented changes to the Australian Consumer Law will provide additional protection to consumers and small businesses prohibiting the proposal, use or reliance on unfair contract terms in standard form contracts.

The ACCC recognizes that:

“... standard form contracts provide a cost- effective way for many businesses to contract with significant volumes of consumer or small business customers. However, these contracts are larg

Small business skills and training boost

Posted by Team AVS on 10 Oct, 2023 0 Comments

Looking to boost your employees’ skills and your tax deductions at the same time? Then keep reading to see if you could be eligible for the small business skills and training boost!

If you run a small or medium business and are planning on investing in, or recently invested in, training your employees, taking care to ensure the training is provided by a registered training provider could mean you can claim an additional 20% bonus tax deducti

ATO focus on rental property income and deductions

Posted by Team AVS on 3 Oct, 2023 0 Comments

Income and tax deductions from rental properties is one of the four key areas that the ATO is focusing on this Tax Time.

The ATO is urging rental property owners to ensure they carefully review their records before declaring income or claiming deductions this Tax Time, and for registered tax agents such as us to ask a few extra questions of our clients who own rental properties. As your registered tax agent, we can only work with the informati

Self-education: when is it deductible?

Posted by Team AVS on 26 Sep, 2023 0 Comments

If the subject of self-education leads to, or is likely to lead to, an increase in the taxpayer’s income from current (but not new) income-earning activities, a deduction for self-education expenses incurred will be allowable.

There is no specific provision in the income tax legislation that allows a deduction for self- education expenses. Rather the expenditure falls for consideration under the general deductibility provision of the Tax Act

Discounting your capital gain

Posted by Team AVS on 19 Sep, 2023 0 Comments

The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to:

individuals (but not foreign or temporary residents)
complying superannuation funds (33% discount applies, not 50%)
trusts, and
life insurance companies in respect of a discount capital gain from a CGT event in respect of a CGT as

Thought of registering a trademark for your new business?

Posted by Team AVS on 11 Sep, 2023 0 Comments

The ATO has issued a reminder around trademarks!

For background, a trademark legally protects your brand and helps customers distinguish your products or services in the market from others. Trademarks can be used to protect a logo, phrase, word, letter, color, sound, smell, picture, movement, aspect of packaging or any combination of these. In short, they protect your brand, products and services.

Trademarks are different from a business na

Gifting to employees

Posted by Team AVS on 29 Aug, 2023 0 Comments

Some employers, especially at Christmas time or for birthdays, give small gifts to their employees or the employee’s associates (i.e. spouses). These gifts typically take the form of bottles of wine, movie tickets, gift vouchers etc.

The tax treatment of these gifts from an employer standpoint, depends upon a range of factors including:

To whom the gifts are provided (e.g., employees or clients?)
Whether the gifts constitute entertainm

Work-related car expenses updated

Posted by Team AVS on 23 Aug, 2023 0 Comments

The ATO had announced that the cents per kilometer rate has increased to 85 cents per kilometer for 2023/24.

To recap, there are two methods to claim work- related car expenses as follows:

Cents per kilometer method

This method is easier for record keeping, involves a simpler calculation, and is generally suited to those with less vehicle use.

You simply keep a record of the number of kilometers you’re traveling for work or for

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