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

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

July 2015 Taxation and Business News

 Download out July 2015 taxation and Business newsletter Although a very welcome announcement from the last federal budget, the $20,000 immediate asset write-off sparked a lot of questions about its implementation and eligibility requirements. We answer all your pressing inquiries. Also covered are tax deductions that are generally not allowed, claims you may be able to make if you’re lucky enough to own a holiday house, and a guide to taking out insurance through your SMSF. We also look at the essentials of succession planning, and profile the new role proposed for the small business sector, the Australian Small Business and Family Enterprise Ombudsman. 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

May 2015 Taxation and business news

Download our May 2015 newsletter Business pressures often see employers rationalise operations, which give rise to termination payments. But these can be far from straightforward from a taxation perspective. We spell out the complexities. Another complex area for businesses centres on the characterisation of staff as employees or contractors, especially with regard to obligations for the Superannuation Guarantee and PAYG withholding. Are you a resident or non-resident for tax purposes? It may seem like a simple conclusion to draw, but for the taxman the answer may not always be so clear-cut. We look at the differences, and the advantages and disadvantages of each tax status. We also touch upon what “robo” advice will mean for SMSF trustees, and whether you can claim GST credits for reimbursing an employee for an expense. Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice. South East Access Suite 24 & 25 / 44 Deering Street Ulladulla 2539 up stairs from Office National Phone: (02) 4454 4444 Fax: (02) 4454 0400 Office hours are 8:30 am to 5:30 pm read more

April 2015 Taxation and business news

Download our April 2015 newsletter Each year the Tax Office gains access to more records stored on the databases of financial institutions and other organisations, and can use this information to ensure taxpayers’ reporting obligations are up to scratch. This time the Tax Office is looking at people who have sold items online. Landlords will sometimes offer incentives to entice tenants into a lease, but the tax treatment of such incentives varies, depending both on the incentive on offer and who is receiving it. We also look at the proposed “Single Touch Payroll” initiative planned for businesses in the near future, the particular problems that SMSFs face when splitting assets upon divorce, and a new online tool that can reunite you with any misplaced superannuation savings. Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal and or business advice. South East Access Suite 24 & 25 / 44 Deering Street Ulladulla 2539 up stairs from Office National Phone: (02) 4454 4444 Fax: (02) 4454 0400 Office hours are 8:30 am to 5:30 pm read more

February 2015 Business and Taxation newsletter

Download our newsletter Different areas of the nation have already experienced bushfire, and summer hasn’t finished with us yet. With natural disasters like fires and floods, the last thing anyone affected needs is problems with the Tax Office. There have therefore been put in place some protocols to help taxpayers through such difficult times. With SMSFs continuing to gather strength, the weight of the sector’s large investment holdings of certain asset classes is starting to be felt. Property continues to be the focus of a lot of SMSF trustees. We look at some salient tips – and point out some traps – about SMSF real estate investment. Also covered in this month’s newsletter is the tax implications of having a debt “forgiven”, the concessionary treatment available to certain professionals, known as “income averaging”, steps a partnership can take to smooth the transition, tax-wise, when a partnership business changes its makeup, and the common myths surrounding the contractor-vs-employee conundrum. Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal and business taxation advice. South East Access Suite 24 & 25 / 44 Deering Street Ulladulla 2539 up stairs from […] read more

November 2014 Business and Taxation newsletter

business matters  Download out November 2014 Newsletter An allowance for necessary travel made by employees is written into the tax law, which we run an eye over in this issue. But as there are two concessions for travel – the “living away from home” and the “travel” allowances – frequently both employers and employees confuse which is applicable. We spell out the differences. If you are sick of your business’s high electricity bills, and have thought of the option of solar panels, you may also be able to take comfort from not only reduced energy bills but helpful tax outcomes for your operating expenditure. We also examine the web-based accommodation networking service Airbnb, which from a tax treatment point of view is one out of the box as there is no specific legislation that exactly covers the Arbnb business model. There is also a warning about a renewed Tax Office focus on income splitting within professional firms, and a timely reminder about a looming deadline for an amnesty on disclosing certain assets. Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice. South East Access Suite 24 & 25 […] read more

September 2014 Business and Taxation newsletter

estate planning Download our newsletter Packaging a vehicle into a remuneration arrangement via a novated lease is a popular salary option – we run over the details of how this is achieved and the outcomes for both employer and employee. The tax concessions that have been made available to small businesses can be a valuable boost to the bottom line for many players in the “engine room” of the economy. We look at what’s available, but also underline the more common mistakes that businesses make when claiming the CGT concessions. We also see how the Small Taxation Claims Tribunal can help you with your more minor tax disputes, how to turn tax into super by using salary sacrifice, and uncover the scenarios that could trigger some otherwise unforeseen FBT liabilities. Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for business or personal advice. South East Access Suite 24 & 25 / 44 Deering Street Ulladulla 2539 up stairs from Office National Phone: (02) 4454 4444 Fax: (02) 4454 0400 Office hours are 8:30 am to 5:30 pm admin@southeastaccess.com.au ”’ read more