Accounting & Tax - Page 2 of 2 - Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Jan 01

Minimising tax on share transfers

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Accounting & Tax

There are ways individuals can minimise CGT when transferring shares to their super fund. Individuals can transfer shares to an SMSF by completing an off-market transfer, also known as an in-specie transfer. It involves transferring securities between two parties without using a stockbroker and means that the shares in question do not have to be […]
Jan 01

Federal Budget 2016

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Accounting & Tax

SMALL BUSINESS This year’s Federal Budget is based on a ten-year enterprise tax plan designed to stimulate more small business activity by boosting new investment, creating jobs and increasing real wages. One of the key features of this plan is that the small business entity annual turnover threshold will be increased from $2 million to […]
Jan 01

ATO warns pre-retirees on SMSF tax schemes

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Accounting & Tax

The Australian Tax Office has its sight set on individuals participating in an increasing number of aggressive tax avoidance and retirement planning schemes in self-managed superannuation funds. The ATO has launched Super Scheme Smart, an initiative designed to help inform individuals and advisers about illegal retirement planning schemes. The program is a result […]
Jan 01

ATO crackdown on work-related expenses

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Accounting & Tax

The ATO is currently targeting work- related expenses by taking a closer look at unusual deductions and claims that are higher than expected. The Tax Office will be looking for expense claims that are much higher than others who are in the same occupation and will be contacting employers to validate these claims. When claiming […]
Jan 01

Tax tips for property investors

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Accounting & Tax

Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000 a year on a $1 million house. Here are five ways to maximise your tax deductions while complying with the tax office: Use […]
Jan 01

How do franking credits work?

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Accounting & Tax

Franking credits are a kind of tax credit that allows Australian companies to pass on the tax paid at company level to shareholders. Franking credits can reduce the income tax paid on dividends or potentially be received as a tax refund. Where a company distributes fully franked dividends (and those dividends are included in the taxable […]
Jan 01

ATO develops safe harbour for car fringe benefits

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Accounting & Tax

The Australian Tax Office has recently collaborated with industry representatives to develop a safe harbour guideline for Australian businesses when calculating tax on car fringe benefits. The new guideline is designed to ease the burden of compliance, as it simplifies the approach for working out the business use percentage of car fringe benefits for fleets […]
Jan 01

Changing the structure of your business

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Accounting & Tax

Some Australian small business owners may now be able to apply the small business restructure roll-over concession upon restructuring their small business. A key decision when starting up your own small business is deciding on the structure you will use. A small business’s structure depends on the size and type of the business, as well as […]