Month: May 2018

What is a Testamentary Trust – Look Before You Leap

By Warren Kruger / May 15, 2018 / 0 Comments

  What is a Testamentary Trust Testamentary trusts are formed under the auspices of a valid will or testament rather than other trusts which are ordinarily created during life (inter vivos) under the terms of a trust deed. It is a trust structure that is often used to protect family assets by having greater control […]

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2 Minute Quiz – Business Deductions

By Warren Kruger / May 12, 2018 / 0 Comments

How well do you know your business deductions? Try these questions to find out! Answers at the bottom of this post. (No peeking!) Question 1 A company’s financial accounts show the following information in relation to its bad debts and doubtful debts for the year: Closing balance for doubtful debts from the previous year: $172,000 […]

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Superannuation Work Test Contributions For Over 65s

By Warren Kruger / May 11, 2018 / 0 Comments

Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying a “work test”. The work test requires a member to have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days […]

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Federal Budget Announcement

Federal Budget 2018 – 2019

By Warren Kruger / May 10, 2018 / 0 Comments

Federal Budget Summary The item that may receive the most analysis from the whole of this year’s federal budget will be the incnrease of the 32.5% tax bracket, and an expansion of the Low Income Tax Offset.  A win for small businesses in this year’s budget sees the retention of the $2o,000 instant asset write-off […]

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Interest Deductibility After Income-Producing Activity Ceases

By Warren Kruger / May 7, 2018 / 0 Comments

An issue that sometimes arises for business owners is whether interest expenses incurred on borrowed funds used in a business remain deductible after the business’s income earning activities have ceased. As a general rule, in order for interest expenses to be deductible in the relevant income year, a taxpayer is generally required to demonstrate that […]

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franchise-business-tax-considerations

Franchise Businesses and Tax

By Warren Kruger / May 3, 2018 / 0 Comments

The Australian Competition & Consumer Commission (ACCC) is the government body responsible for enforcing the Franchising Code of Conduct, and if you or someone you know are considering  a franchise business Australia, this will probably be a good starting point to get an idea of what to expect. The code imposes strict obligations on franchisors […]

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