Entries by synecticgroup

Tax deductions: What you can’t claim

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.

FAQs – the $20,000 immediate write-off

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.

Continued growth of busy audit team

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 undercover employee

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.

Not all SMSF contributions are equal.

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 […]

6 business plan mistakes that turn investors away

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 […]