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Tax Planning Considerations for Small Business Owners
Are you a small business owner? At GMD Accounting, we work with our clients to make tax a stress-free and seamless process. As an extension to this, we have put together a few of our top planning considerations for small business owners prior to 30 June, 2015.
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Audit Insurance Offer
As ATO audit activity increases across the country we at GMD Chartered Accountants are proud to now offer Audit Insurance to all clients seeking to protect themselves against unwanted costs surrounding reviews and audits from the tax office.
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Investment Properties in ATO sights
The Australian Taxation Office is targeting investment property owners in it's latest crack down on incorrect tax reporting.
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Investment loan interest
While it is generally understood that interest paid on loans for investments such as shares and rental properties is deductible, there are many other common scenarios where the ability to claim deductions for interest are not so clear-cut.
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Arms Length Rules - SMSF
A key concept that all Superannuation Fund Trustees should be aware of is the Arms Length Rules.
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Work related car expenses
Clients often ask our experts a range of tax and accounting questions. One popular question this tax season has been from individuals seeking advice in relation to when and how they can claim work related motor vehicle deductions in their personal income tax returns.
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Work related travel
If you incur any travel related expense that directly relates to your specific job function, you may be eligible to claim a tax deduction. Depending on your circumstances and provided you have the necessary documentation, you may be eligible to claim the cost of transport and incidentals.
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Claiming Work Related Deductions
It is that time of the year again, tax time! One of the key questions we get at this time of year is clients asking what they are entitled to claim against their taxable income.
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