Unit 11, 61 Flynn St, Wembley, WA, 6014
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Advice from Outside the Square

Category Archives: Taxation

Tax Planning and Hot Spots for 30 June

With the end of the 2018 income tax year rapidly approaching, this article draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important issues for small to medium businesses to consider.

One interesting procedural matter this year is that 30 June 2018 falls on a Saturday, meaning that ATO payments or lodgments due on that day or on Sunday 1 July can be made on Monday 2 July 2018 without incurring a general interest charge. However, where practically possible, all actions, payments or lodgments should be undertaken before Friday 29 June 2018.

This “date shuffling” conundrum should be kept in mind when reference is made to actions to be undertaken by 30 June 2018.

The following is general information. Contact us to find out more.

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Tax Updates March 2018

In this tax update:
  • Bill to implement housing affordability CGT changes
  • Changes to small business CGT concessions
  • Bill to change residential property GST arrangements
  • ATO moving to combat the black economy
  • Corporate tax avoidance: ATO's latest targets

Bill to implement housing affordability CGT changes

As part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability. Legislation has now been introduced into Parliament that proposes to:
  • remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and
  • modify the foreign resident CGT regime to clarify that, for the purpose of determining whether an entity’s underlying value is principally derived from taxable Australian real property (TARP), the principal asset test is applied on an “associate inclusive” basis.
The Bill also proposes to amend the tax law to provide an additional discount on CGT for affordable housing. The discount of up to 10% will apply if a CGT event happens to an ownership interest in residential property used to provide affordable housing. The main residence exemption means that CGT doesn’t apply...
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Tax Updates for August 2017

In this tax update:-
  • Work related expense claims under scrutiny
  • ATO guidance on work-related travel expense deductions
  • Small business asset write offs
  • Tax debts - setting up a payment plan
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Tax Planning Opportunities

As 30 June approaches there are many ways that taxpayers can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable income. Taxpayers should be aware that they need to start the year-end tax planning process early in order to maximise these opportunities. Of course, those undertaking tax planning should be aware of the potential application of anti-avoidance provisions. However, if done correctly, tax planning can provide a number of tax savings.

At OTS Management, we have already spent the last several weeks working with our clients to analyse tax planning opportunities and have them put into place. For others, here are a few ideas that we quietly run through on behalf of our clients at this time every year.

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