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

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 […]
Jan 01

ATO Crackdown on trusts

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Accounting & Tax

The ATO is currently targeting contrived trust arrangements that minimise tax by creating artificial differences between the taxable net income and distributable income of closely held trusts. Arrangements where trustees are engineering a reduction in trust income to improperly gain favourable tax breaks or pay no tax at all are being targeted by the Tax […]
Jan 01

Selling an inherited property

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Accounting & Tax

Beneficiaries who inherit a property need to be aware of the various CGT implications associated with owning and selling an inherited property. When someone dies, a capital gain or loss is generally disregarded when a property passes: to the deceased person’s executor or other legal personal representative to the deceased person’s beneficiary – such as […]
Jan 01

Implications for short-term rentals

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Accounting & Tax, Wealth Creation

Airbnb and other popular short-term accommodation services, can be a great way to generate some extra income, however, hosts need to be aware of their obligations and rising legal and regulatory issues. Before creating an Airbnb listing, or renting out your home to short-term tenants, it’s important to do your research, there may be certain […]