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November 2017 Newsletter

November 2017 Newsletter

Current as of November 2017

CAN A DIRECTOR BE PERSONALLY LIABLE FOR ATO DEBTS?
We have written in past editions of the S & W Insight of the risks directors run in becoming personally liable for ATO debts. This is an issue that needs to be continually reviewed as the protection that a company structure provides the director, can be easily lost in certain circumstances.

It is important to remember the situations where a director can be held personally liable for ATO debts. In this article we outline a couple of situations that you should be aware of.

 

WHAT IS THE THRESHOLD TO BE ABLE TO ACCESS THE VARIOUS SMALL BUSINESS TAX CONCESSIONS?
Since 1 July 2016 the tax concessions and reliefs available to small business entities have increased. The thing you will notice about the concessions is that the thresholds, that you need to be below to be to be able to access them, are different for each type of concession. This can be very confusing remembering which threshold was relevant to which concession. In our article we have provided a summary of each small business concession and the threshold that you will need to be below to be able to access it.

 

RENTAL PROPERTY TRAVEL DEDUCTIONS ARE NOW DENIED!Further to past editions of S & W Insight, and as announced in the May budget, travel deductions claimed on rental properties are now denied.

If you own a rental property, then please click here to read more on this topic.

 

HOW TO ENSURE THOSE CHRISTMAS GIFTS AND EVENTS DON’T COST YOU TOO MUCH IN TAX!It is almost that time of year and we thought we should again highlight the tax and Fringe Benefits Tax (FBT) side of the various Christmas benefits that may arise. With proper planning, and knowledge of the rules, you can ensure that the gifts and events don’t cost you more than they should.

To read more on this topic, please click here to read our full article

 

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