2017 Tax Return Questionnaire

South East access services is always of exceptional quality, focusing on Tax Return Preparation and stress-free reporting to the Australian Taxation Office. read more

April 2016 Business and Taxation newsletter

Download our April Business and Taxation newsletter While your business might own some tempting assets, be careful when making use of these for your personal enjoyment, as this could trigger a tax liability. And if you are considering changing the structure of your small business, a new measure means you might in certain instances no longer trigger CGT. SMSF trustees note; it is essential that you know the difference between a binding and a non-binding death benefit nomination, so we run over what these mean. And speaking of legacies, every successful business owner should ideally have a succession plan in mind. We also look at travel expense claims, how these differ from the living away from home allowance, and also how the ATO is getting help from insurance companies to uncover undisclosed wealth. Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. South East Access Suite 25, 44 Deering St Ulladulla 2539 Phone: (02) 4454 4444 Fax: (02) 4454 0400 Office hours are 9.00 am to 5:00 pm admin@southeastaccess.com.au read more

March 2016 Business and Taxation newsletter

Download our March 2016 Business and Taxation newsletter With the fringe benefits tax (FBT) season looming, it will pay to be reminded that FBT liabilities can also arise due to third party involvement. We underline the factors to keep watch over. And with the ATO being ever vigilant on the characterisation of income, we also spell out where care needs to be taken regarding income you receive for providing “personal services”. Thinking of transitioning your enterprise from operating as a sole trader to join the ranks of incorporated businesses? There’s more involved than just opening another bank account, and there are important taxation differences to keep in mind. We also look at the difference between “repairs” and “maintenance” when it comes to claiming deductions on your rental property, and take a look at the conditions of release that must be satisfied if you’re ready to access your super savings. Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter. South East Access Suite 25, 44 Deering St Ulladulla 2539 Phone: (02) 4454 4444 Fax: (02) 4454 0400 Office hours are 9.00 am to 5:00 pm admin@southeastaccess.com.au read more

February 2016 Business and Taxation News

Download our February  2016 Business and Taxation Newsletter Claims for vehicle use remain one of the most popular for a huge number of taxpayers, but recent tweaks to both the compliance regime and the provisions for making such claims means that correct record keeping is essential. And as doing business online is becoming even more pervasive, it’s just as well the Tax Office has provided guidance on claiming relevant costs for setting up a website. Trustees of SMSFs continue to make use of limited recourse borrowing arrangements (LRBAs), but there are important considerations, and warnings, to be aware of before you jump in. We also look at an FBT-free commuting alternative, and remind certain taxpayers that the special zone tax offset they may have previously claimed may no longer be available. Please us for clarification, or further advice, regarding any of the topics covered in this newsletter South East Access Suite 25, 44 Deering St Ulladulla 2539 Phone: (02) 4454 4444 Fax: (02) 4454 0400 Office hours are 9.00 am to 5:00 pm admin@southeastaccess.com.au read more

December 2015 Business and Taxation News

Download our December newsletter – 1mb pdf If you are building a new home or repairing an old one, there is a concession that allows you to extend the period when you are able to claim the main residence CGT exemption, even if you are not living in that dwelling, if circumstances are right. And as there still seems to be lingering confusion on the $20,000 small business pool write-off, we run over all the details. The cut to the small company tax rate is welcome, but there is a dividend franking implication that you need to keep an eye on. We also briefly explain what “adjusted taxable income” is, and survey the tax landscape from a cyber security point of view. Please contact this office for clarification, or further advice, regarding any of the topics covered in this newsletter. South East Access Suite 25, 44 Deering St Ulladulla 2539 Phone: (02) 4454 4444 Fax: (02) 4454 0400 Office hours are 9.00 am to 5:00 pm admin@southeastaccess.com.au read more

November 2015 Business and Taxation News

Download our newsletter Everyone likes end-of-year Christmas parties, but there’s no reason to rack-up a tax bill while celebrating. We list five tips to keep the fun tax-free. And while getting a valuation is sometimes necessary, you need to make sure there are no negative tax outcomes. Like everyone, company directors have responsibilities. The potential problem for directors however is that they can be held personally liable. We run over the rules. Also this month we look at the circumstances that allow a deduction for the fees paid for training courses, the reality of bracket creep and tips to reduce the impact, and the necessary steps you need to take when winding up your SMSF. Please contact this office for clarification, or further advice, regarding any of the topics covered in this newsletter. South East Access Suite 25, 44 Deering St Ulladulla 2539 Phone: (02) 4454 4444 Fax: (02) 4454 0400 Office hours are 9.00 am to 5:00 pm admin@southeastaccess.com.au read more

October 2015 Business and Taxation News

October 2015 Business and Taxation News Download our October 2015 enewsletter If you haven’t heard of the “sharing economy” yet, it could be time to start to get familiar with this “new way of connecting buyers (users) with sellers (providers)”. Services like Uber, Airbnb, AirTasker and MenuLog are all in the Tax Office’s sights to ensure these new forms of business pay their full share of tax. We also run an eye over various rental property claims that continue to be misunderstood, look at the Tax Office efforts to match credit card data with declared income, and spell out the more common traps that SMSF trustees can still fall into. We also reveal a handy tip about claiming a portion of professional association membership costs, even after retirement. There are certain tax breaks made available to the small business sector that every small business owner should know about, so we spell out what is available. We also look at how the tax system treats children’s income, spell out the top tax mistakes that small businesses keep making, and discover that there is such a thing as a deductible cup of tea. Please contact this office for clarification, or further advice, regarding any of the topics covered […] read more

September Taxation and business news

There are certain tax breaks made available to the small business sector that every small business owner should know about, so we spell out what is available. We also look at how the tax system treats children’s income, spell out the top tax mistakes that small businesses keep making, and discover that there is such a thing as a deductible cup of tea. read more

August 2015 Taxation and Business news

Download our August 2015 newsletter (pdf 2mbs) Up until this year, the Tax Office’s compliance focus has tended, in part, to look at certain professions for problems or mistakes made by taxpayers, but a change of tactic this Tax Time sees it focus instead on particular expense claims. We run through the work-related expenses at the top of the Tax Office hit list. We also look at some considerations for anyone thinking about taking a pension from their SMSF, as well as having a look at how a “transition-to-retirement” arrangement could be beneficial. Lastly, if you’re selling a business, the GST “going concern” concession should not be an assumed bonus, so we run over the rules to make sure you don’t miss out. We also look at public rulings and how these can relate to your own tax affairs. Please contact this office for clarification, or further advice, regarding any of the topics covered in this newsletter South East Access Suite 25, 44 Deering St Ulladulla 2539 Phone: (02) 4454 4444 Fax: (02) 4454 0400 Office hours are 9.00 am to 5:00 pm admin@southeastaccess.com.au   read more

Small Business online seminars

Small business operators and those just starting or thinking about starting a new business, should consider participating in these free tax webinars. read more