Here are some misconceptions about deductions that many taxpayers commonly believe to be claimable, but are typically rejected by the Tax Office. While some are obviously not allowable, they have all been genuinely attempted to be claimed — and in most instances knocked back. Other disallowed claims, however, may surprise.
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Entries by synecticgroup
In the recent Federal Budget the government announced a series of measures to assist small businesses, with one of these being an immediate write-off for depreciating assets that cost less than $20,000. This has now been written into law and applies from the 2015 Budget night (7.30pm, May 12) to June 30, 2017.
We are delighted to announce that Phillip Brown has come on board full-time with Synectic, having been working for the firm up to 2 days a week over the last couple of years. Phillip brings a wealth of knowledge in the audit of Self Managed Super Funds (SMSFs) and not-for-profit community organisations, as well as […]
The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation by businesses of an employee as a contractor. The mischief from the Tax Office’s point of view is the avoidance of employer obligations relating to the Superannuation Guarantee (SG) and Pay As You Go (PAYG) withholding.
While technology can streamline business processes, it can also create major problems. Technology and working-life website, Lifehacker, has come up with what it says are 10 of the most common mistakes, in no particular order, that small businesses make in IT. Thankfully, it also suggests how to avoid them!
Do you understand the differences between concessional and non-concessional SMSF contributions? Making payments into your self-managed superannuation fund (SMSF) with pre-tax dollars is labelled making “concessional contributions”. These payments to your super fund include the compulsory 9.5% super guarantee paid by employers, salary sacrificed amounts and personal contributions for which you can claim a tax deduction […]
The technology and working-life website Lifehacker has put together a list of some very handy apps that can allow you to operate your business on the go – or completely change the way you do things. Here are five of Lifehacker’s favourites.
If you are an employer registered for GST you may be entitled to claim credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.
Credit reporting and receivables management company, Dun & Bradstreet (D&B), has found that new or inexperienced entrepreneurs often send business plans to potential investors before their plan is fully completed or vetted. Here are some common mistakes that D&B says too many business owners make when developing a business plan; and they are turning potential investors […]
The Tax Office’s small business benchmarks provide a snapshot of what it sees is happening in an average business operating in a particular industry by using financial ratios.
Synectic is a Chartered Accounting and Advisory firm that brings together the skills of accountants, business advisers, financial planners, self-managed superannuation experts, and auditors. Our team operates state-wide from Devonport, Hobart and Launceston offices.
We offer the depth of knowledge, specialist skills and progressive resources usually associated with much larger firms. Yet our size and availability allows us flexibility and enables us to develop an in-depth understanding of your business and financial affairs.
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