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From the monthly archives: February 2015

We are pleased to present below all posts archived in 'February 2015'. If you still can't find what you are looking for, try using the search box.

Rental property owners in ATO's sights: What you can and can't claim

The Australian Tax Office (ATO) says it continues to see a number of taxpayers understating rental income and over-claiming rental deductions. With the surge in real estate sales, especially residential real estate, and an emphasis on investment properties, the ATO has not surprisingly taken a close interest in the expense claims people make concerning their rental properties. Rental properties have been on the ATO radar, it seems, forever. The issues haven't greatly changed, but it seems taxpayers are still getting it wrong. Quite why this is the case is something of a mystery. The ATO is now sending what it says are "re-designed" letters to taxpayers regarding reviews of rental, legal and/or borrowing expense claims. In those letters, the ATO says it will provide information on specific expense claims it is reviewing. It says the letters identify: the relevant tax return label where the expense is claimed and the amounts in question; the proposed ATO adjustments; what to do if ther ...
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Taboo topics when hiring, seven questions to avoid

You spend lots of time making sure your business’ books balance up and in your favour. But the costs of hiring the wrong staff can set you back a great deal.

Research shows employee turnover is expensive. Staff turnover costs to business could be in the range of 40-400% of an employee’s annual salary. This takes into account not only money, but time and other hidden costs.

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Applying for an R&D Tax Incentive grant - what you need to know

If you are just starting out in business you may not be familiar with the Research and Development (R&D) Tax Incentive scheme available from the Australian government. Or you may just need a refresher before submitting a new claim. It’s that time of year again where deadlines start to creep up on us, so I thought I’d update last year’s wrap up and share the latest on this subject.   The grants offer help to businesses by offsetting some of the costs of performing R&D. Many startups are not aware of what constitutes as research and development, therefore potentially missing out on a substantial cash injection for their business. If your startups runway is an issue this might be the time to act.   The R&D Tax Incentive currently has two core components:   ●      45% refundable tax offset for eligible entities with a turnover of less than $20 million per annum provided they are not controlled by income tax exempt entities. ●   ...
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