Blogs & Resources
19 May 2014
How can I minimise my tax using the income side of my business?
By deferring your invoicing / billing until after 30 June 2014, you will have an extra year to pay the tax on that income.
Provided your business can support…
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7 May 2014
What type of errors would stop your Company's Research and Development (R & D) taxation refund from being processed?
Learn more17 April 2014
What is the difference between tax avoidance (tax planning) and tax evasion?
Learn more11 April 2014
Is Taxation Planning legal?
As per the Australian Taxation Office (ATO) website, Taxpayers have the right to organise their affairs as to keep their tax to a minimum.
Often referred to …
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6 April 2014
When should I commence taxation planning and organise my taxation and accounting affairs?
Learn more2 April 2014
April 2014 Taxation Update Newsletter
If you would like a copy of our April 2014 Taxation Update Newsletter please subscribe through our website. http://www.mcnamaraandco.com/
If you wo…
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31 March 2014
A reminder that the Fringe Benefit Tax (FBT) year for 2014 ends today - 31 March 2014
A reminder that the Fringe Benefit Tax (FBT) year for 2014 ends today on 31 March 2014.
Motor vehicles that are owned by an employer and made available to an…
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25 March 2014
How can the Retirement Exemption reduce my tax liability when selling my business?
If you qualify for the Small Business Retirement Exemption then any capital gain from the sale of your business may be exempt up to a lifetime limit of $500,000…
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25 March 2014
How can the 50% Active Asset Reduction reduce my tax liability when selling my business?
If you qualify for the Small Business 50% Active Asset Reduction, as the name suggests you may be able to reduce any gain on the sale of your business by 50%. T…
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24 March 2014
What qualifies as a Going Concern?
A Going Concern is essentially a business that operates without the requirement for liquidation in the foreseeable future, i.e., that it is able to meet its lia…
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21 March 2014
How do you qualify for a GST exemption on the sale of a Going Concern?
If you are selling a property and the sale meets the definition of a Going Concern you may be exempt from GST. Section 38-325 of Goods and Services Tax Act 1999…
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5 March 2014
What are the payment due dates for individual income tax returns and trust tax returns if lodged with a Registered Tax Agent / Accountant?
Provided you are eligible for the 15 May 2014 lodgement date, the dates are as follows:
1. If you lodge up to 12 February 2014, the payment is due by 2…
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27 February 2014
What problems can arise with your Superannuation if you do not have a Binding Death Benefit Nomination (BDBN)?
Essentially, upon your death, your super may end up been paid / transferred to the people you did not intend to receive it and the people that you did intend to…
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17 February 2014
If I move a property that I or my business own into my Self Managed Superannuation Fund (SMSF) will I be liable for stamp duty?
In most instances in Victoria, no stamp duty will be applicable on the above transaction provided that the following conditions are met:
1. There is no…
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7 February 2014
If expenditure to an associate of an entity that is eligible for the R & D Tax Incentive is incurred but not paid can it be used later as a notional deduction?
Yes. Section 355 - 480 of Income Tax Assessment Act 1997 (ITAA 1997) states that if expenditure is incurred to an associate but not paid it can be effectiv…
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