Tax
HECS-HELP debt and repayments
If you’ve recently finished your University degree and you are now finding yourself out in the big wide working world, I strongly urge you to read this blog! If you’re like me and you’ve spent 3, 4 or 5 years slogging it out at University and you hear the words “HECS debt” it might make […] Read More
Never too early for tax planning
The last few months of the financial year see most people turning their business eye towards their tax planning. However, it is never too early to consider tax planning, even now over nine months from financial year end. The following items came about from a recent discussion with a client concerned about what the year […] Read More
Dual Cab Utes – the ATO is on the lookout
Dual cab utes have become very popular over recent years – and sales are booming. One reason is that due to the general improvement of dual-cab utes, including the size and comfort of the vehicles, many business owners are purchasing these vehicles for use as a family vehicle to go to the beach, tow caravans […] Read More
Employees – Want some easy money??
One of the frustrations many of our employee clients have is they are sometimes limited in their ability to claim tax deductions to help reduce their taxable income. However, one of the changes made in last years’ Federal Budget is currently flying under the radar due to the focus on many of the other complex […] Read More
Tax Planning
May and June is the time for tax planning as 30 June looms down on us. Accountants love 30 June and celebrate like New Years Eve. But the lead up to the end of June is very important for all businesses. Many of our clients have now completed reviews of their figures and have now […] Read More
A few “To Do” actions before 30 June 2017
5 weeks to go! Here are a few helpful tips for businesses and individuals to complete prior to the End of Financial Year (EOFY). For Businesses Update tax planning so you are aware of your tax position – so in turn you can take action to minimise tax if required. See your GTP accountant. Great […] Read More
$20,000 Asset Write Off extended to 30th June 2018
The threshold for the special immediate write off for tax purposes for assets costing less than $20,000 net of GST was to be reduced to just $1,000 from 1st July 2017. In the last couple of years, this has been available for all businesses with a turnover of less than $2m. However, this turnover threshold […] Read More
Inheriting Capital Assets
Inheriting of Capital assets from parents and loved ones is becoming a more common issue as many people are holding assets such as listed shares and property at the time of their deaths. Unfortunately, many beneficiaries of estates are unaware of the taxation consequences that will occur in the future due to this. Traditionally most […] Read More
Small Business Income Tax Offset
In the 2015-16 budget the government announced the introduction of an income tax offset for individual taxpayers with business income from an unincorporated (non-company) business that has an aggregated annual turnover of less than $2 million. This has been passed through parliament and is now law. This offset is designed to reduce the tax rate […] Read More
Final Tax Planning Options for 2016
Over the last months we have been busy reviewing our clients’ tax positions. The purpose of this is to assess the potential tax impost for the year so that action can be taken to minimise it if necessary or otherwise plan for payment by the due date with no surprises later in the year. It […] Read More