Entries by Georgia Burgess

Why is trend analysis important in business?

Trend analysis uses past data in order to predict the future of your business and the environment in which it operates. It’s a simple tool you can use to assist you in planning and setting strategy for your business. It involves the examination of business data over time to identify trends and develop strategies that […]

Penalties for late payment of Super Guarantee

An employer is obligated to pay super guarantee (currently at 9.5%) for their employees by the designated due dates. Harsh penalties exist in order to discourage late payment and protect the retirement funds of employees. With Single Touch Payroll now mandatory, the ATO’s ability to identify those employers who do not pay their super obligation […]

GST Withholding on New Residential Property

New homes and residential property has been subject to GST since the introduction of the tax in 2000. Generally with GST, if you are the seller, you are required to collect the GST portion of the sale and remit this to the Australian Taxation Office. However this traditional collection method has been thrown out the […]

Can I claim expenses when salary packaging a car?

Salary packaging a car through a novated lease arrangement has become a popular choice for employees and under the right conditions this can improve an individual’s overall tax position. However, it is important to be aware of the rules that apply to these arrangements. Firstly, it’s important to understand the arrangements for salary packaging a […]

How Does WA Land Tax Work?

Land Tax is a State imposed tax paid annually by many land owners in Australia. In WA Land Tax is calculated on the aggregated unimproved value of all land held by an owner as at midnight 30th June each year.  For example, if you solely own two properties with unimproved values of $330,000 and $270,000, […]

Holding costs and the impact on Capital Gains Tax

Holding costs are expenses associated with the continuing ownership of an asset like real estate or share investments. These costs help to reduce the amount of any taxable capital gain when the asset is eventually sold. Examples of expenses that may be considered as holding costs include: Council rates Interest on loans used to finance […]

CGT Main Residence Exemption and Moving Overseas

What is the CGT main residence exemption? Broadly, the CGT main residence exemption allows homeowners to pay zero capital gains tax (CGT) where profits are made upon selling their primary place of residence (their home). The CGT main residence exemption rule also provides a partial exemption from CGT if the dwelling was the individual’s main […]

Claiming vehicle expenses using a logbook

You can claim motor vehicle travel that is directly connected with your work as a tax deduction. To do so it is important to be able to distinguish between what is considered work related and what is private. Travel to and from your normal place of employment is generally considered private, however the ATO has […]

Wine tasting – can it be tax deductible?

Generally the Australian Taxation Office considers the purchase of wine for tasting purposes to be a private expense and therefore non deductible. For expenses to be considered deductible they need to follow two general rules: • Firstly, was this expense incurred in gaining or producing assessable income? Or • Was this outgoing relevant to the gaining […]