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Small Business Tax Concessions

Small Business Tax Concessions

It is no secret that in Australia small businesses receive favourable tax treatment. With a range of concessions on offer it is important for small businesses to know if they are eligible and exactly what they are eligible for.

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Monday 21st April 2014    


The Sole Purpose Test

The Sole Purpose Test

As SMSF balances grow one of the common things we see here at GMD Accounting is clients considering the purchase of property, whether residential or commercial, in their fund. One of the key tests that we ensure they consider when evaluating whether or not to purchase a property, is the Sole Purpose Test.

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Wednesday 9th April 2014    


SMSF property traps

SMSF property traps

Investing in property through a complying self-managed superannuation fund (SMSF) can be highly tax effective. Before a member of a SMSF starts drawing an income stream from the fund, the rental income from a property owned by the fund net of tax-deductible expenses is taxed at the flat concessional tax rate of 15%, compared with the highest marginal tax rate including Medicare Levy of 46.5% applicable to an individual. Any capital gain derived by a SMSF on the sale of a property if it has been held for at least 12 months is taxed at a flat rate of 10% after the CGT discount, compared with 23.25% on any discount capital gain derived by an individual.

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Wednesday 19th February 2014    


ATO changes its tune on SMSF borrowing

ATO changes its tune on SMSF borrowing

The ATO has long insisted that once a limited recourse borrowing arrangement (LRBA) has been fully repaid, the property must be transferred to the trustee of the SMSF, otherwise the investment will be an in-house asset (and for most SMSFs this will present compliance challenges). This has resulted in SMSFs incurring unnecessary expenses as a result of having to formally transfer the property, together with double duty in some cases.

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Thursday 6th February 2014    


The ATO's New Year Resolutions

The ATO's New Year Resolutions

The Australian Taxation Office has launched a new campaign that aims to help Australian businesses meet their tax obligations in 2014.

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Wednesday 15th January 2014    


The tax consequence of your Xmas party

The tax consequence of your Xmas party

With the festive season in full swing, employers around the country are hosting their end of year Christmas parties. It's important that employers consider the tax consequences involved in hosting a Christmas party and providing year end gifts to employees.

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Thursday 12th December 2013    


Spam Alert - ATO refund email

Spam Alert - ATO refund email

Many Australians have received an email from the address - returns@ato.com.au within the last two weeks.

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Tuesday 10th December 2013    


How a trust can be used

How a trust can be used

Trusts continue to be a very popular choice for Australian families in their pursuit for asset protection and tax minimisation. A trust can be a viable protection strategy for your families assets and can offer greater flexibility for year end tax outcomes.

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Tuesday 3rd December 2013     Family Trust, Discretionary Trust

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