November 2015 Tax Talk – Business Accountants Cairns

By 10 November, 2015News

Read The Full November 2015 Tax Talk Here

In this issue of Tax Talk, we cover:

How to tax effectively give employees Christmas presents through the use of “Non” Entertainment gifts such as gift cards below a $300 threshold per employee.

ATO targeting deductions on rental properties and sending out letters to owners to check their claims.  This is becoming a major audit area.

Small business concession for startups to now immediately claim initial costs of setting up.  These costs include obtaining advice relating to the proposed operating structure and fees paid to Government agencies such as ASIC fee for registering a company.  It does not include the cost of acquiring assets that may be used by the business

Employers have legal obligations for Staff Christmas parties.  Responsible service of alcohol and conduct are some areas of potential liability.

As the New Year approaches some business owners are considering exiting their business. Capital Gains Tax is the first and foremost consideration when selling and you should talk to us about the various SBE concessions available.

Are you paying too much for your life insurance?  A quick call to a reputable broker such as Fowlers group can quickly evaluate this and ensure you are getting the most for your dollars.