Posted in Tax
Posted by G. Dean McKinnon
on 9 May 2018
HOW TO GET READY FOR TAX TIME
Here are some tips to make tax time a smoother process:
Get your evidence organised:
Bank statements
Tax deductible expense receipts
Income Protection Insurance
Credit card statements
Rental income statements
Investment property expenses (rates, water, agent fees; repairs)
Dividend Statements
Medical Insurance
Categorise your evidence
Sorting your statements and receipts etc. into categories c...
Posted by G. Dean McKinnon
on 14 February 2018
$20,000 instant asset write off extended to 30 June 2018
Assets purchased for business use can be immediately written off (if they cost less than $20,000 [per item]) up to 30 June 2018. From 1 July 2018 the threshhold will reduce to $1,000.
You are eligible to claim the immediate business expense deduction if:
Your business turnover is less than $10 million; and
The asset was first used or installed ready for use in the income year you are claiming it in.
...
Posted by G. Dean McKinnon
on 13 December 2017
The End of Year Christmas Party - do you know if FBT is applicable and how to account for it?
You may need to allow for Fringe Benefit Tax (FBT) when throwing that end of year Christmas Party and not just treat the cost as a business expense.
Points to consider to determine if FBT is applicable:
Who is attending the Christmas party (e.g. clients; employees; suppliers; employee's partners);
Where is the party being held (e.g. at your...
Posted by G. Dean McKinnon
on 15 November 2017
AUSTRALIAN TAXATION OFFICE SCAM ALERTS
Everyone needs to be wary of anybody calling from the Australian Taxation Office (ATO) requesting payment of any outstanding tax debt or requesting their bank account details for crediting a tax return refund.
MCKFS Total Service Clients (TSC) should request the person's contact details, and then immediately phone our office (1300 261 373), so that we can assess whether or not the phone call is legitimate.
All MCKFS TSC tax ...
Posted by Dean McKinnon
on 27 October 2015
Do you know if your Income Insurance Claim Payments are Taxable?
The answer is 'Yes, they are' so don't get caught at tax time with an unexpected tax bill!
Life insurance companies are very quick to tell you that your Income Insurance premiums are fully tax-deductible whether you pay the premium, or your employer pays the premium on your behalf.
Unfortunately, most people are not aware that any Income Insurance claim payments received are ta...