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Taxation
Foreign Resident Capital Gains Tax Withholding
April 21st, 2016The new withholding system that will apply when non-residents dispose of certain taxable Australian property starts from 1 July 2016. In very broad terms, when a non-resident disposes of certain taxable Australian property (e.g., land and building in Australia) the purchaser will generally be required to withhold 10% of the purchase price and pay thisread more
2016 Tax Planning Starts Now!
April 18th, 2016There are 3 key things that all business owners MUST consider. The team at MP+ will work with you to deliver significant results. Please read on! 30 June is not far away! Let’s try and use all of this time to effectively minimise your tax, review the performance of your business and create greater financial securityread more
7 Benefits “Outside” FBT Law’s Scope
April 13th, 2016Knowing what types of benefits “outside” the fringe benefit tax (FBT) law is an advantage, especially now that another FBT year has started on 1 April 2016. Listed below are seven specific examples under family arrangements that the ATO deems to be outside FBT Law’s scope, these include: A birthday gift given to a child who isread more
Time Running Out to Start a Log Book
April 5th, 2016From 1 July 2016 individuals are only able to use the cents per kilometre method or log book method for claiming car expense deductions. The ATO has issued a reminder that taxpayers wanting to use the log book method need to ensure that their car usage is recorded for a minimum continuous period of 12 weeks.read more
ATO Reminds Deadline for SMSFs and Collectibles
March 29th, 2016The Australian Tax Office (ATO) reminds owners of self-managed super funds (SMSFs) with collectibles and personal-use assets purchased before 1 July 2011 to comply with SMSFs rules before the deadline on 30 June 2016. With stricter rules and regulations (to take effect on 30 June 2016) on how these collectibles and assets are managed, SMSFsread more
Naughty or nice? Christmas Tax Checklist
December 2nd, 2015It’s that time of year again - what to do for the Christmas party for the team, customer gifts, gifts of appreciation for your favourite accountant (just kidding), etc., etc. Here are our top tips for a generous and tax effective Christmas season: For your business What to do for customers? The most effective wayread more
Make the Most out of the Christmas Party and Keep it Tax-Free
October 21st, 2015The Christmas season is fast approaching and with this comes our festive moods and celebration preparations. As the holidays are getting near, companies are also preparing for their respective festive season parties. It is important to celebrate and enjoy the festivities but it is also important to keep in mind a few pointers in orderread more
Trading on eBay? Learn if You Have Paid Your Appropriate Tax Dues
October 18th, 2015Last year, McKinley Plowman reported that the ATO will be watching over business transactions held in eBay. It will now be making good on its promise. Are you selling or planning on conducting business on eBay? If yes, then it is important to know the rules mandated in order to avoid penalties and complications. Theread more
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