Are you a company director? Better brush up on your responsibilities! Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company.
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Entries by synecticgroup
Many property investors are making simple mistakes when claiming tax deductions for their rental property, which could be avoided with a little guidance. The following checklist provides examples of many of the common claimable and non-claimable rental property expenses. Check them off to see where you stand, and please contact us for more information specific to your situation.
There’s a saying that many sharemarket investors may have already heard: Don’t let the tax tail wag the investment dog. In other words, the best advice for your share portfolio is to base your decisions on investment merit, not on trying to save tax. Even so, there are taxation consequences for everyone with an investment […]
Do you know if you are a resident or non-resident for tax purposes? Do you understand the tax implications of working overseas? Thousands of Australians head offshore each year to expand their horizons. Some will fund their adventure by working overseas. Some may be living and working overseas for an extended period. There can often be confusion […]
You are allowed to disagree with the Tax Office, if they have disagreed with your self-assessment of your tax position. If you believe your tax assessment is incorrect, the first step is straight forward and pretty informal. You contact us and we start making enquiries; you may need to provide us with extra information to […]
It’s something of a little white lie, isn’t it? — the one told to aspiring small business owners and entrepreneurs that hard work guarantees success. Hard work is vital, but it’s not the only quotient.
The concept of the “going concern” exemption for GST purposes can still cause confusion when businesses are sold, despite the fact this exemption has been in place for many years. A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise […]
Many of us look forward to an annual getaway, either to the beach or the bush, as the best way to unwind and re-charge after another tiring year. For many Australians having a beach shack or bush retreat can be made more affordable by leasing out their properties to other holiday makers.
The Tax Office has re-released its business industry code (BIC) tool to help small businesses speed up their tax return lodgement. The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid delays by ensuring their return is lodged in the correct category. It is derived from […]
The Tax Office can issue public rulings that provide guidance on the interpretation of various tax laws. Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area of tax law, you may find that many of your concerns are shared by […]
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.
Our mission is to help people, businesses and the community prosper.
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.
A: 49 Best Street, Devonport
P: (03) 6424 1451
A: 30 Burnett Street, North Hobart
P: (03) 6239 4900
A: Suite B, First Floor, 99-103 George Street, Launceston
P: (03) 6337 6777
M: PO Box 6003, Devonport, TAS, 7310