Filters:

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
View Article
March 21, 2012
-
Andrew Lovett

Question:

Grow Business: promote one product or service at a time

This limits your prospect’s buying decision to either “yes” or “no” ...
View Article
Business Insights
Build Wealth
Protect Assets
View Article
March 21, 2012
-
Andrew Lovett

Question:

Excess Super Contribution Refunds

Complicated super contribution rules are about to get… more complicated! Draft legislation was released in December to provide some people a once-off chance to be refunded up to $10,000 of excess concessional (employer or deductible personal) superannuation contributions made after July 2011 ...
View Article
Build Wealth
Business Insights
View Article
March 21, 2012
-
Andrew Lovett

Question:

Bring your kids into your super fund? Perhaps not

Unforseen problems can arise if your grown up children become part of your self-managed super fund...
View Article
Superannuation
View Article
March 21, 2012
-
Andrew Lovett

Question:

Tribunal accepts large software licence fee

$305,000 of software license fees paid over two years will stand as an allowable deduction after the Tribunal overturned an assessment disallowing deductions for the fees ...
View Article
International Business
Business Insights
Tax Insights
View Article
March 21, 2012
-
Andrew Lovett

Question:

Generate Cash Flow: automated reminders

Set up a system of reminder emails, text messages or faxes for each customer to remind them when their payment ...
View Article
Generate Cash Flow
View Article
March 21, 2012
-
Andrew Lovett

Question:

Save Tax: super co-contribution and salary sacrifice

Can you reduce salaries payable to family members or others to below the super co-contribution threshold? If those family members then make a personal contribution to their super fund, they may become entitled to ...
View Article
Save Tax
View Article
March 21, 2012
-
Andrew Lovett

Question:

Save Tax: family tax planning

Where there are large income differences between spouses, or there are children involved, especially adult children who are undertaking tertiary education, significant tax benefits can be obtained by careful tax planning ...
View Article
Save Tax
Personal Tax
Plan Succession
View Article
January 27, 2012
-
Andrew Lovett
Lovetts

Question:

Repairs Vs. Improvements

We have recently replaced the vinyl flooring of our medical practice with the exact same material, costing $3000. Can you please advise if this is a capital expense or a one-off deduction for repairs and maintenance?

View Article
Q&A
View Article
January 27, 2012
-
Andrew Lovett

Question:

Scholarships

Question: In prior years my client, a medical doctor, received salary income and claimed work related self education and other deductions. During last year she had no salary income but received a scholarship to undertake research and a Ph.D. degree. I understand scholarship income is exempt. Can she still claim work related self-education and other expenses?
View Article
International Business
Business Insights
Plan Succession
View Article
January 27, 2012
-
Andrew Lovett

Question:

Accrual Vs. Cash accounting

Question: We have been running and accrual-based accounting process but feel that, given the size of our entity, this is somewhat onerous administratively. We acknowledge that we must continue accruals for leave, depreciation and other related items, but are enquiring if we can revert to a more cash-based process for standard income and expenditure items ...
View Article
Business Insights
View Article
January 27, 2012
-
Andrew Lovett

Question:

Draft rulings: mining farm-out arrangements

Two long and complex draft tax rulings have been released setting out the taxation and GST treatment for farm-out arrangements in the resources industry. They change the previous Tax Office position on the taxation outcomes of certain aspects. State governments issue exploration permits and mining licences subject to conditions and work programmes. Farm-out arrangements are a common way for ...
View Article
International Business
Business Insights
View Article
January 27, 2012
-
Andrew Lovett

Question:

Save Tax - personal use assets

These are assets (other than collectables) kept primarily for your personal use and enjoyment. If acquired for $10,000 (excluding GST) or less ...
View Article
Save Tax
View Article
January 27, 2012
-
Andrew Lovett

Question:

FBT reduction: home tutor for overseas employees

An interpretive decision has been released concerning spouses of overseas employees who are registered under the formal Home School Education Program to tutor the children and keep records of the teaching/learning programs, time allocated, assessments of achievement and ...
View Article
Business Insights
Tax Insights
View Article
January 27, 2012
-
Andrew Lovett

Question:

CGT net asset value test: valuations flawed

In two separate cases, the Tribunal has denied access to CGT concessions where valuable assets were sold and the taxpayers relied on poor valuations. In <em>Syattadel Holdings</em> a marina purchased in 1996 for $1.675 million was sold in 2006 for $8.9 million. The $8.9 million price must have been subject to really good negotiation on the part of the vendors as the taxpayer’s valuation placed a market value of ...
View Article
Tax Insights
Business Insights
View Article
January 27, 2012
-
Andrew Lovett

Question:

Save Tax - deferred disposals

A 50% discount is available on assets held by individuals and by discretionary family trusts if the asset has been held for at least 12 months. If you intend to sell ...
View Article
Save Tax
View Article
January 27, 2012
-
Andrew Lovett

Question:

FBT exempt: payment for immediate relief of flood victim

Payments by an employer to an employee who was a victim of floods may be an FBT exempt benefit (and not salary and wages). Conditions are ...
View Article
Business Insights
View Article
January 27, 2012
-
Andrew Lovett

Question:

Assessable trust distributions - beware!

An interpretive decision on trust distributions received by an insurance company has worrying implications for trust beneficiaries because it states that the beneficiaries’ income from the trust distributions may include amounts that were nontaxable in the trust ...
View Article
Business Insights
Save Tax
View Article
January 27, 2012
-
Andrew Lovett

Question:

Deduction for franchise establishment fees denied

The Tribunal has knocked out a claim for deductions over five years for franchise “establishment fees” made by a branch of the Bendigo Bank. This puts doubt on similar payments for other franchise groups ...
View Article
Business Insights
International Business

One idea, could help you save tax – let’s get creative.

Consulting Accountants  .  Taxation Specialists  . Business Improvement