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A shout out to all those tax practitioners for your input. TR 2004/6 deals with "reasonable allowances" and the substantiation exceptions available to some taxpayers who then use the reasonable allowance amount issued in an annual Tax Determination to avoid the need for 100% substantiation...

A few changes have slipped into the budget and haven't attracted much attention: 1). A win....From 1 July 2015 business start-up costs will become deductible. Establishing a company, legal advice for establishing etc. That's great news. 2) A win...From 1st April a employee can access...

Just identified a strategy for some owners of IPs with fixed rate loans and thought it worth sharing. Client has a three year fixed rate loan. Wants to prepay a years interest. Bank must break the 3 year loan to do this (you cant do a years prepaid on a three year fixed rate) and this...

A recent case before the Administrative Appeals Tribunal (WWXY v FCT [2015] AATA 130) raises a matter that anyone who proposes to develop land should consider. In the WWXY case a proposed JV development was planned. The Trust owned two adjoining lots acquired to develop with a neighbouring...

The ATO want to engage with the likes of those on SS. Developers, investors etc.... They have even built a sort of forum. Not a replacement or challenge to SS. But the start of a dialogue. Check it out. Tell them what you think. Or want...

When we were all forced to sign up for MyGov we were conned. And conned with no Plan B it now seems. Today I received a text message telling me I have mail in my inbox. Months after creating the MyGov account. - Can I recall my username (A hieroglyphic of numbers and letters I cant change) ...

Now I really won't have it said that accountants don't have a sense of humour. I work near a firm of accountants that have done it very tough over the past year. In early 2014 they moved to newer, bigger premises. They have since had some problems, that have got worse and worse. The firm I...

And now common sense prevails. The tragic issues with pool safety do warrant some action. Appears the limitations on resale without costly certification is being wound back. I believe less than 5% of pool owners have registered their pools anyway...

Its rare tax advice that encourages taxpayers to pre-pay tax. But it does happen. Its a little known benefit that if a taxpayer pays a tax liability ahead of its due date by 14 days + the ATO pay interest. And its not a bad rate either. Was 5% (maybe 4-4.5% for 2015) One client has just...

NSW OSR and State Govt are looking for coins under the couch. http://www.smh.com.au/money/property-investors-warned-on-land-tax-20150217-13gygg.html Reminder for ALL owners of NSW land other than a PPOR to register anyway. Bracket creep of values and the complexity of three year averaging...

One of the often quoted rules that gets discussion on SS is that of ownership %. The basic rule is that if title ownership is X % then all the rental income and costs must be shared based on ownership interest on title not by the contribution made by each owner. This isn't always the case...

In the past 5 years I havent seen too many taxpayers receive a default assessment letter. In the past two days I have seen three. Taxpayers with a outstanding 2013 or earlier return be warned - Joe Hockey is looking for cash. In lodgement isnt completed prior to the issue of the default...

How long STG been offering a SMSF offset loan ?? Its a nice way to pick up a 6% at call deposit account. Anyone seen their new requirements since they dropped the accountants/adviser certificate last week ?? I fear they will have a new formality akin to a hoop of fire.

This is tragic. http://www.smh.com.au/national/public-service/angst-from-ato-public-servants-over-how-long-it-took-to-change-an-office-lightbulb-20150120-12t8du.html Its OUR money. This is why Joe Hockey wants more money.

Another reason to use STG for a SMSF loan - http://www.smsfadviseronline.com.au/news/12752-major-bank-scraps-financial-advice-certificate-for-lrbas?utm_source=SMSFAdviser&utm_campaign=SMSFAdviser_Bulletin15_01_2015&utm_medium=email STG are removing the ludicrous "financial advice certificate"...

I have often speculated that the Govt will one day realise that it can accelerate access to employee taxes (and take that cashflow benefit from employers !!) if it could integrate payroll in a way similar to PAYE withholding in NZ. In NZ the employers report each fortnight and pay the tax...

Merry Xmas and best wishes to all on SS it's been a busy year and I appreciate the issues many have bought to me. Hope I have helped. Back soon. All the best for a happy safe and great year ahead. Paul

A common question I receive concerns scrapping deductions for a property which has been rented and earning assessable income for a number of years. The owners decide to demo it and rebuild. Often multiple dwelling on the property. Is a deduction always available ?? There are divergent...

Today the Libs unveiled a unannounced new tax applying to new homes being connected to (or being passed by !!) the NBN. It applies to Greenfields sites. Total cost is a tax of $900 per site levied by NBN Co. ($300 billed to owner, $600 to dev who would pass it on they admit) However at the...

The OSR NSW have won a case about when a residence isn't really a principal place of residence. A wealthy lady who argued she resided in a nice expensive harbourside suburb - Darling Point. She spoke about being a Territorian publically. OSR were listening...And the OSR checked and found she...