Legal Expenses – Tax Deductible or Not?
What types of legal expenses are tax deductible? When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in...
ATO Target Employers for Unpaid Super
The ATO’s Deputy Commissioner, Superannuation and Employer Obligations, James O’Halloran, has announced in a speech to the Australian Institute of Superannuation Trustees (AIST) that with the ATO’s new STP-enabled “unprecedented level of visibility” of...
Top 10 tips for Rental Property Owners
The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims made, and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to...
Tax and Property Development
The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations. The considerations facing the ATO are many and varied, but can include topics such as whether an agreement to develop and sell land...
Business Structures: What’s Best for Your Business?
When you have plans for starting a new business, one of the central decisions is which business trading structure will work best for your venture. The general problem however can be that there are both pros and cons with the main options available, so considerations...
Understanding Trust Distribution Resolutions
An essential starting point for consideration of trust income and how that income is to be distributed is to look at the trust deed. This very central document sets out the rules and expectations for the governance and operation of the trust and the powers that can be...
Can You Get $1,080 Rebate When Lodging 2019 Individual Tax Return?
Now that the government is unchanged, one proposed change contained in the recent federal budget that will most likely be given priority is the increase to the low and middle income tax offset (LMITO). The previously proposed (and legislated) LMITO, applying for the...
Capital Gain Tax Exemption and Inherited Homes
Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience. There are provisions in the tax law that mean a taxpayer does not have to pay capital gains tax (CGT) when they sell a house, flat, unit or other...
2019 Year End Tax Planning for Individuals
This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2018-19 year. While the best strategies are adopted in July (that is, as early as possible in a financial year and not at the...
CONTACT US
PO Box 21562, World Square NSW 2002
Mobile: 0431 658 603
Email: info@wladvisory.com.au
Website: www.wladvisory.com.au