Entries by AdminSJMA

Write Off Assets purchased for under $20,000 immediately

Instant asset write-off Using the simplified depreciation rules, assets costing less than the instant asset write-off threshold are written off in the year they are bought and used, or installed ready-for-use. This applies irrespective of whether the asset is purchased new or second-hand. The current threshold is $20,000. You can choose to use the simplified […]

Christmas Parties & Gifts

Christmas parties Christmas parties are consider to be “entertainment benefits” and as such are subject to FBT unless specifically exempt, or the “minor benefits” exemption apples. A minor benefit is one that is provided to an employee or their associate (e.g. spouse) on an “irregular” or “infrequent”  basis, which is not a reward for services, […]

Self Managed Superannuation Fund (SMSF) Advice

SJM Advisors through our new sister company SJM Private Wealth Pty Ltd is proud to announce that we have partnered with SMSF Advisors Network to continue to provide our clients with the same independent Self Managed Superannuation Fund (SMSF) advice they have always trusted. SJM Private Wealth Pty Ltd has become a Authorised Corporate Representative of SMSF Advisors […]

ATO Target Areas 2016

This financial year the ATO will be targeting individuals with excessive claims instead of targeting specific industries or professionals per prior years. The ATO uses analytic software to spot unusually high claims. Claims the ATO will be focusing on: Work-related expenses The ATO has announced the following target areas: Motor vehicle Travel Meals Home Office […]

Rental Property Depreciation

As the owner of a residential investment property, claiming maximum depreciation deductions can make a big difference to your cash flow. Of all the tax deductions available to property investors, depreciation is most often missed as you do not need to spend any money on your property to claim these deductions each financial year. Research […]

ATO Big Data – Luxury Assets

The ATO has also given notice that it will acquire details of insurance policies for certain classes of assets, including marine vessels, enthusiast motor vehicles, thoroughbred horses, fine art and aircraft where the value exceeds nominated thresholds for the 2013-14 and 2014-15 financial years.  It would appear that ATO are looking for hidden assets or assets […]