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December 2018

Do you need an agreement with your business partner?

Going into new business with other people is exciting and can be extremely rewarding.

A formal agreement can set the ground rules and stop owners getting caught out if things don’t quite go as well as planned.

Whether your firm is structured as a partnership or a company, you and your business partners need to agree on the terms of your professional relationship.

November 2018

Three-quarter FBT year compliance check-up

As the FBT year runs from 1 April to 31 March, the months of October to December mark the “third quarter” of the FBT year, and so, as an early fix before year’s end, here is an overview of the FBT elements that can attract the ATO’s attention. This can be a timely period for a compliance check-up, so that employers who provide fringe benefits to staff can have better assurance they are not going to be tapped on the shoulder.

October 2018

Crowdfunding and tax

Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or help-your-neighbour initiatives.

But increasingly these days  crowdfunding is viewed as a viabl source of seed capital, and is no longer regarded as the shy little ster of venture capitalism. Some quite serious money can be raised through crowdfunding,

September 2018

Substantially self-employed or not? You could claim a deduction for saving for your retirement.

A recent change to the rules means that more Australians may be eligible to claim a tax deduction for putting money into super. Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an employer, you were rendered ineligible to claim any tax deduction for after-tax contributions you may have made to your super fund.

August 2018

Lodgment Rates & Threshold Guide 2018-19.

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place.

This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current gross-up factors) and student loan repayment rates.

July 2018

Retired And Asset Rich But Cash Poor?

The pension loans scheme may help. To help pensioners who are rich in assets but poor in income, the government launched a version of a commercially available financial product, the reverse mortgage.

The government’s answer for pensioners who find themselves in the above situation is its pension loans scheme (PLS).

June 2018

It Is Sometimes Said That A Superhero Like The DC Comics Character Superman Can Be Uninteresting Because He Is, For All Practical Purposes, Indestructible.

Critics have said the knowledge that he will most likely win can make Superman’s adventures monotonous.

A similar accusation could be leveled at the tax laws that govern our dealings with the Australian tax system.

April 2018

Bitcoin: Its Place In Your Wallet Or SMSF Portfolio

While bitcoin may be the most
well-known cryptocurrency, there are nearly 1,500 in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but sits in an electronic
register. What makes bitcoin work, where previous attempts at electronic cash did not, is in the magic of something called blockchain.

JDA Newsletter Archives:

March 2018

Beware of who you share your benefits with.

Where some businesses have tripped up in the past is where the source of benefits provided is not clear cut - that is, where non-cash components of remuneration are sourced not directly from an employer, but from an associate, a related company or from a third-party supplier.

February 2018

Key factors for rescuing a bad debt deduction.

It is very often the case that unpaid debts owed to a business can have a significant impact on cash flow and the ongoing profitability of a business. In a taxation context the characterisation of a particular debt as either “doubtful” or “bad” is key as to whether or not the writing off of that debt would be deductible.