Entries by Rhys Frewin

Taxable Payments Annual Reporting – what needs to be done?

Taxable Payments Annual Reporting (TPAR) is where businesses report to the ATO the total payments they make to contractors for services in a financial year. The contractors can operate as any entity structure – sole trader, company, partnership or trusts. The TPAR does not result in additional payments or tax; it is simply reporting information […]

What happens if I die without a will?

In Western Australia if you die without leaving a valid will your estate will be distributed according to legislation, this being the Administration Act 1903. This means that the law decides who your beneficiaries are and how your estate is divided with minimal flexibility. Intestacy is the term given when a person dies without leaving […]

Why a small business should be using monthly budgeting

Monthly budgeting is an essential tool to help you make strategic business decisions that will result in a success. It gives you a better understanding of your business and where you stand going forward, and has never been as important as it is in the current economic environment. Budgeting identifies current available capital, provides an […]

Uber drivers and tax

Being an Uber driver is a relatively new and unique way of earning money and can be an option for many people with a driver’s license and a good car. Unfortunately a lot of Uber drivers do not realise the income tax and GST implications.     The Australian Taxation Office (ATO) has stated that all Uber […]

Super contributions from downsizing your home

The 2017/18 federal budget introduced a downsizing superannuation contribution scheme starting from 1 July 2018. It may be available to you if you’re over 65, your downsizing your home and you choose to contribute some of the proceeds from the sale into your super fund. The contribution is capped at $300,000 per person (so $600,000 […]

Changes to company tax rates

The 2016-17 Federal Budget announced changes to company tax rates which will progressively reduce the tax rate to 25%. The company tax rate for the 2016-17 financial year is 30%, and for Small Business Entities (SBEs) the company tax rate is 27.5% To be identified as an SBE, a company must satisfy both of the […]

Changes to rental property deductions

The 2017 federal budget introduced a number of changes to rental property deductions. The proposed changes are to prevent taxpayers from exploiting certain deductions and also to decrease the impact of negative gearing. From 1 July 2017 deductions for travel expenses for inspecting and maintaining a residential property will not be allowed. This includes all types of travel whether it […]

Private Health Insurance – The carrot and the stick

The government wants the majority of taxpayers to have private health insurance to reduce the costs for the Medicare system. The government aims to attract people towards holding private health insurance by giving a rebate for premiums paid by people below a certain income threshold and penalising you if your income is above a certain threshold […]

Home to work travel – is it deductible?

Generally the Australian Taxation Office considers home to work travel to be private and therefore non deductible. However, there are a few exceptions: 1.    From your normal workplace to an alternative workplace while still on duty and back to normal place of work or home. 2.   Shifting places of work – e.g. regularly working at more than […]

Home Office vs Place of Business

If you operate your business from home you may be able to claim deductions for running costs and occupancy costs. Occupancy Costs: These are the costs of owning or renting your home e.g. mortgage interest, house insurance, council rates and rent. Running Costs: Include the following – electricity, cooling, lighting, cleaning and depreciation on furniture and equipment. […]