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July2015

blog-director

If  you are a small business company director or thinking about a company structure for your business you need to be aware of the responsibilities of company directors.  There are numerous and important legal responsibilities imposed on directors under the Corporations Act 2001 and other laws, including general law. These apply to directors of all companies no matter what their size.

To assist small business owners to understand their role and responsibilities as company directors, ASIC has released a new online resource ASIC Guide for Small Business Directors. ASIC Commissioner Greg Tanzer said,  ‘Whether  you’re a current director of a small business, or newly appointed, it’s important to understand what’s expected of you.’ Read more →

blog-rental

With ongoing low interest rates it seems the hot property market won’t end any time soon. Hand in hand with that is also a boom in investment property ownership. The tax office has always shown a keen interest in investment properties but it has signalled it is specifically targeting this area in 2015 returns.

The emphasis is on making sure people aren’t over claiming deductions. In particular the ATO has said it is paying close attention to the following:

  • Excessive deductions claimed for holiday homes
  • Husbands and wives splitting rental income and deductions for jointly owned properties that is not supported
  • Claims for repairs and maintenance shortly after the property was purchased
  • Interest deductions claimed for the private proportion of loans

Read more →

 
 
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