Brisbane's Accounting & SMSF Specialists

Author: Voulla Flaskos

Home-based small business – what can I claim?

Home-based small business – what can I claim?

Small business, Tax
The home is also the principle place of business for many taxpayers these days. Yet it can be confusing to work out what deductions you can claim if you are working from home. Here is a general summary of the typical deductions you can claim:   Expenses relating to the area of the home you use for business. By determining the area of business space used and dividing this by the total area of your home, you can calculate the percentage for business use. You can then apply this percentage to claim the following deductions:   Occupancy expenses including mortgage interest or rent, council rates, land taxes and house insurance premiums. Running costs including electricity, gas, business phone and internet costs, cleaning, repairs to plant/equipment, and furniture. &n...
Do I need a financial planner?

Do I need a financial planner?

Investment
What a financial planner does - and when it is time to see one. Accountants are fast becoming trusted advisers for many clients, especially if they specialise in superannuation funds. As a result, all accountants must now be covered by an AFS licence to provide a range of services relating to SMSFs, in order to ensure that financial planning services are compliant with the highest industry ethical standards. However, even though consumers can expect more certainty and confidence from the new certification, it can still be difficult to decide when the right time to see a financial planner is. Essentially, financial planners can help you choose investment options that maximise your returns and achieve your retirement goals.  They will assess your risk profile, and determine what typ
Buying a Property with My SMSF

Buying a Property with My SMSF

Investment, SMSF
Setting up a self-managed super fund is a popular choice if you are planning to invest in property. It is actually the only way that you can buy property using your superannuation mone,y and you don’t have to use a single dollar from your own pocket for the entire set up and purchase. Your superannuation is your money - you just can’t access it until you retire so the entire choice of investments is yours. You must adhere to a strict set of laws if you want to go down this path. There are two structures that are required to be set up before you sign a contract to purchase your property. The first is the actual self-managed super fund structure. In all cases, the fund should be set up with a company acting as trustee. This is because any lender, whether it be a bank or non-bank lender, w
Guide to Small Business – Structuring and Tax

Guide to Small Business – Structuring and Tax

Small business, Tax
Deciding to start your own business can be one of the most exhilarating decisions you will make in your lifetime. The foremost important step is making a decision relating to the type of structure you set up - from which you will run your business. There are typically four types of structures that you can use to run your entity. They are: The Sole Trader The Partnership The Company The Trust     The sole trader This is the simplest of all the structures. It basically involves obtaining an ABN under your name or a business name of your choice. In essence, running your business as a sole trader means that you are required to disclose all of the revenue you make from your enterprise, and can claim all of the tax deductions relating to generating that income person...
Capital gains tax concessions when selling my business

Capital gains tax concessions when selling my business

Small business, Tax
When you sell your business, you may be liable for capital gains tax on the sale. However, there are four small business CGT concessions that can be used to reduce your capital gain on business assets. So long as you meet certain conditions, you can apply for as many concessions as you’re entitled to, until the capital gain is reduced to nil. The four CGT concessions are: Small business 15-year exemption This concession results in no assessable capital gain, when you sell a business asset that has been owned for 15 years, and if you’re aged 55 years or over and are retiring. This exemption also applies if you’re permanently incapacitated. Small business 50% active asset reduction By using this concession, you can reduce your capital gain on a business (active) asset
SUPER CHANGES – FROM 1 JULY, 2017 – RECOMMENDED ACTION!!

SUPER CHANGES – FROM 1 JULY, 2017 – RECOMMENDED ACTION!!

Superannuation
The end of financial year is fast approaching and we take this opportunity to advise you of the biggest changes in Superannuation in the last decade. From 1 July, 2017, the following changes to the superannuation system will become law: $100,000 annual cap on non-concessional contributions. The bring-forward option is still available for members under 65 years of age (effectively enables contributions of $300,000 over a three year period). Concessional contributions limit for everyone reduced to $25,000. Non-concessional contributions restricted to those with less than $1.6m in superannuation. If your combined super balances are more than $1.6 million, you cannot make any further contributions. Amounts held in pension accounts will be limited to $1.6m with excess balances ...
Accessing your Super

Accessing your Super

Superannuation
When can I access my Super?  This is probably one of the top 5 questions that people ask when they think about their Superannuation account. In simple terms, you can only access your superannuation balance if you meet a condition of release.  The main condition of release is attaining age 65.  However, if you are under 65 years of age, this does not mean that you cannot access your Super.  It just means that strict conditions apply. You can generally access your super money if you satisfy the following conditions: Attaining age 65. Reaching your Preservation Age and ceasing employment. Preservation age is 55 for those born before 1 July, 1960. For those born after 1 July, 1960 and before 1 July, 1964, preservation age can be 55, 56, 57, 58 or 59 depending on your
$20,000 INSTANT ASSET WRITE OFF EXTENDED FOR A FURTHER 12 MONTHS

$20,000 INSTANT ASSET WRITE OFF EXTENDED FOR A FURTHER 12 MONTHS

Small business, Tax
As a result of the 2017-2018 Federal Budget announcements, the instant asset write-off of $20,000 for small businesses has been extended for a further 12 months. The write-off was due to be reduced to $1,000 by 30 June, 2017. However, the government has decided to extend it, which gives businesses the opportunity to use the write-off for a further 12 month period until 30 June, 2018. Here is what you need to know: To access the write-off your business must be trading, and must have an aggregated turnover of less than $10 million. The aggregated turnover is the annual turnover of all businesses associated with the entity, including any affiliates or entities connected with it. The asset must be used or installed and ready for use prior to 30 June, 2017. Second hand goods q...
Investment Properties – Typical Deductions I can claim

Investment Properties – Typical Deductions I can claim

Investment
For many Australians, their personal home is their biggest investment. Once they have purchased a home to live in, their next biggest purchase would be an investment property. If you are in the market for an investment property, then you should do your homework before you buy. There are many things that you should consider overall, before signing a contract. The extent that negative gearing will impact on your overall tax position is usually the key consideration, along with the timeframe for your investment and capital growth possibilities. If you are mainly concerned with saving tax, then certain properties may give you better tax deductions over others - depending on their year of construction or renovation, and the effective life left in the fixtures and fittings. New properties...
Typical SMSF Investments

Typical SMSF Investments

Investment
Your self-managed super fund can invest in any type of investment that is permitted by the super law and its trust deed. The range of investments, that you can consider for your SMSF, typically includes anything you can invest in as an individual. Some prime examples are: Direct investments – shares, term deposits, bank accounts. Direct property – residential houses, units, townhouses, villas, and commercial property such as shops, warehouses, offices, factories/industrial units and land. Overseas property investments are also possible. Managed funds – retail or wholesale, domestic and international, via external providers such as fund managers and wrap accounts. Private companies. Private unit trusts – including indirect property trusts. A business and business real property – t