WHAT IS NEW
WINDOW OF OPPORTUNITY FOR MATURE AGE AND PARTNER ALLOWANCE CLOSING
The window of opportunity for mature unemployed people who would like to receive government assistance without activity testing is closing quickly, with access to the payments ceasing from 20 September 2003.
WHAT A WORLD!
What a world? (country NSW)... On Thursday, 24 January 2002,
Derek Guille broadcast this story on his afternoon program on ABC
radio.
JAIL FOR FALSE BAS CLAIMS
A Company director appeared in the Queenland District Court and was jailed for tax fraud for 4 years.
QUICK PROPERTY TIP
Post-renovation Insurance
If you have just completed renovations to your home, it's a good idea to get an up to date opinion of the value of your property and then adjust your home insurance to reflect any increase in value.
CHRISTMAS LIGHTS BECOME A TRADITION
Come December each year, more and more Australian suburbs are being transformed from ordinary suburbs into sparkling wonderlands of Christmas lights. And it seems the popularity of taking a drive to view spectacularly decorated homes is also becoming somewhat of a tradition. So what's the attraction?
AUSTRALIA'S OLDEST FIRST HOME BUYER
A 92 year old woman has secured the Government's $7,000 First Home Owners Grant, making her Australia's oldest first home buyer!
TAX TIP FOR SHAREHOLDERS
Here are some helpful tips for people who have held, bought or sold shares in the last financial year.
WORKER COMPENSATION CLAIM
In Workers compensation news, a worker has won an appeal from a decision of the NSW Compensation Court that originally rejected his claim.
TRAVEL CLAIM WHEN WORKING IN TWO JOBS
Can I claim the travel from my 1st job as a butcher and then my 2nd job as a gym instructor from one work place to another workplace in a day?
GST IMPLICATIONS OF SELLING A MOTOR VEHICLE
IF the sale of the motor vehicle is in the course of furtherance of your enterprise and is subject to GST, then YES, the sale is subject to GST.
IMPLICATIONS OF BUYING A LUXURY CAR
From 1st July, 2000, the wholesale sales tax on cars was abolished and replaced by GST.
PURCHASING A NEW VEHICLE OR PLANT ITEM FOR YOUR BUSINESS?
In summary format there are three methods of financing and the GST implications of choosing one of these methods.
WORK RELATED SELF-EDUCATION EXPENSES
Generally speaking, self-education expenses are deductible to a taxpayer where the expenses are directly connected with the taxpayer’s current income earning activities.
CHRISTMAS PARTIES AND TAX CONSEQUENCES
With the advent of 2002, many employers will be thinking about any tax benefits from their recently concluded annual Christmas party they provided to employees (including their families), clients, suppliers, etc.
CHRISTMAS GIFTS AND TAX IMPLICATIONS
With Christmas just over, many employers will be considering whether there is any tax benefits for their annual Christmas party and the gifts they provided to employees (including their families), clients, suppliers, etc.
ESTIMATING EXPENSES THAT HAVE BOTH BUSINESS AND PRIVATE USAGE INVOLVED
These tips can help one categorize his/her expenses where both business and private usage is involved.
INTRODUCING WINNREPORT ROUNDTABLE
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MORE DETAILS
SWITCHING FROM PROVISIONAL TAX TO PAY AS YOU GO (PAYG) TAX
Generally, most tax payers who declared $1,000 or more as investment or business income in their last income tax return will be switched over to the new PAYG system.
This will not apply to taxpayers who received the pensioner or low income rebate. Some taxpayers would have received a letter from the ATO stating that they no longer apply for the PAYG system because of this reason:
CHANGES TO PARTNERSHIP RULES
Some changes have been made to the Partnership rules. Originally three tests ( Unrelated Clients Test, Business Premises Test and Employment Test ) stood of which one needed to be passed.
Now, the new additional test is the RESULTS test.
The conditions for passing this test are as follows:
- You produce a result due to your input of personal services
- You are required to supply tools of trade,plant and equipment etc that form an integral part in discharging your personal services
- If the job is not completed, you are responsible for any defect and the completion of the job.
It is extremely important for all small businesses to seek professional advice
on this issue to find out exactly where one's business rests and the necessary
changes which need to be made accordingly.
These Personal Services rules are effective from 1st July, 2000.
However if you were registered in the PPS system as on 13th April, 2000, the rules will not
affect you until the 1st July, 2002.
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INTRODUCTION OF NEWSLETTER SERVICE
We are pleased to announce the introduction of our company Newsletter titled "THE WINN REPORT". It is a monthly newsletter featuring articles written by our Panel of Professionals. They are thorough professionals in their respective fields with vast experience. The articles will deal with financial issues confronting both individuals and businesses alike .Please subscribe by clicking the Subscribe button on the top left corner to register in our mailing list.
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