Entries by synecticgroup

Deductions for home to work travel

When can you claim a deduction for home to work travel? As a general rule, travel from your home to your workplace is not allowed as a deduction because it constitutes a “private expense”. There are however circumstances when you may be entitled to claim some of these travel expenses, or even travel costs to […]

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.

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.

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 […]

Auditors: An SMSF essential

Auditors play a crucial role in the compliance regime of self managed superannuation funds (SMSFs). The legislation that governs the SMSF sector requires that accounts, statements and all compliance needs of an SMSF be audited every year by an “approved auditor”*.