Our articles, tax tips and points of interest are designed to provide our existing clients and new customers with a quick overview of different areas of taxation, including policy and legislative changes. Tax law can be complicated and its application is often very much related to the circumstances of each individual. In other cases it can be very straightforward. Feel free to discuss any of the information in these articles with your Success Tax Professionals accountant. Our accountants use a thorough interview process to discuss benefits, legislative change and tax savings with our clients. Documentation such as receipts, travel diaries, formal paperwork and logbooks are all helpful supporting evidence in assessing tax outcomes. In many cases specific documents are required or potential deductions can not legally be claimed. Some records must also be kept in a certain way and with sufficient detail.  

Make the most out of your tax position by knowing what you can and cannot do and what supporting evidence you must have to validate your claims.

You cTax Tips That Add Upan purchase our new book ‘Tax Tips that Add Up’ here through vivid publishing. The book details tax saving strategies and ideas that if implemented will save you tax. It doesn’t matter whether you are an employee, investor, or business owner; there are tax strategies that may apply to your circumstances.

 

  • bucket companies thumbnail
    ‘Bucket Companies’
    Read More
    Discretionary trusts are attractive business structures as they can provide the ...
  • duoble dip company vehicle thumbnail
    ‘Double Dip’ For Employees Claiming Motor Vehicle Expenses Reimbursed By Their Employer
    Read More
    Employees can have their work related motor vehicle expenses paid or reimbursed ...
  • four year construction exemption thumbnail
    ‘Four Year Construction Rule’
    Read More
    Generally the main residence exemption applies from the date a completed dwellin...
  • 20000 tax exemption thumbnail
    $20,000 Asset Write-Off
    Read More
    Small businesses (i.e. those with an annual turnover of less than $2m pa) can cl...
  • 15 year cgt exemption
    15 Year Small Business CGT Exemption
    Read More
    If the 15 year small business capital gains tax (CGT) exemption applies then any...
  • farm exemption thumbnail
    Accelerated Depreciation for Farmers
    Read More
    From 12th May 2015 the following accelerated depreciation applies to primary pro...
  • remote sites thumbnail
    Accommodation and Meals at Remote Sites
    Read More
    The ATO defines an area as remote if it is not in, or adjacent to, an eligible u...
  • director fees
    Accrued Directors’ Fees
    Read More
    Accruing directors’ fees is a tax deferral strategy as the company receives a ta...
  • accrued expenses thumbnail
    Accrued Expenses
    Read More
    Accrued expenses are expenses that have been incurred, but not yet paid. They ar...
  • infinity thumbnail
    Active Assets Indefinitely
    Read More
    An active asset is an asset that is owned by a taxpayer and used in a business b...
  • agribusiness scheme thumbnail
    Agribusiness Schemes
    Read More
    Agribusiness is now a common managed investment option for investors. Agricultur...
  • airport lounge memberships
    Airport Lounge Memberships
    Read More
    The primary function of Airport Lounge Clubs is to provide airline travellers wi...
  • Business assets
    Allocating the Purchase Price of Business Assets Acquired
    Read More
    A business contract to purchase a business is a legally binding agreement betwee...
  • Art
    Art
    Read More
    Small businesses buying art for their offices, workshops or factories will be en...
  • Averaging tax for authors
    Averaging for Authors, Artists, Inventors and Sportspersons
    Read More
    Special professionals such as authors of literary, dramatic, musical or artistic...
  • Value shifting rule
    Avoiding Value Shifting Rules
    Read More
    Value shifting occurs where transactions are structured to shift value out of as...
  • Bad Debt
    Bad Debts
    Read More
    Almost all business entities make sales on credit as it generally increases thei...
  • Bitcoin
    Bitcoin
    Read More
    Bitcoin was created in 2009 by Satoshi Nakamoto as the world’s first cryptocurre...
  • Blackhole expenditure
    Blackhole Expenditure
    Read More
    Section 40-880 provides a deduction for certain business capital expenditure (i....
  • bona fide travel allowance
    Bona Fide Travel Allowance
    Read More
    A bona fide travel allowance is a travel allowance paid to an employee who is re...
  • business entity changes
    Business Entity Changes
    Read More
    Business entity changes involve transferring a business from its current structu...
  • Business or hobby
    Business or Hobby?
    Read More
    Working out whether you are operating a business or hobby is important as a busi...
  • Carbon Sink Hole Forest
    Carbon Sink Forests
    Read More
    A carbon sink is a natural or artificial reservoir that accumulates and stores s...
  • Cash vs accrual accounting
    Cash vs Accrual Accounting Methods
    Read More
    Businesses can use two methods of accounting for their income and expenses, cash...
  • Depreciating assets
    Changing Effective Life of Depreciating Assets
    Read More
    Depreciating assets are assets that have a limited effective life and can reason...
  • Transition to retirement
    Commuting a Transition to Retirement Income Stream
    Read More
    There are many reasons why people continue to work past age 55. Some need the mo...
  • Company Harvey Norman
    Companies
    Read More
    In Australia a company is a separate legal entity that is registered with the Au...
  • work uniforms
    Compulsory Work Uniform
    Read More
    A compulsory work uniform is a uniform that the employer strictly enforces and m...
  • superannuation contributions
    Concessional Superannuation Contributions
    Read More
    Superannuation contributions can be either concessional or non-concessional. Wit...
  • crowdfunding
    Crowdfunding
    Read More
    Crowdfunding involves using the internet and social media to raise funds for spe...
  • crystallise capital losses
    Crystallise Capital Losses
    Read More
    Capital Gains Tax (CGT) was introduced into Australia on 20th September 1985, by...
  • Death benefit
    Death Benefit Employment Termination Payments
    Read More
    A death benefit eligible termination payment is a payment made by the deceased’s...
  • deceased estate
    Deceased Estates Taxed Under s99
    Read More
    A deceased estate is the property of a person who has died. It only includes pro...
  • workers compensation payments deductions
    Deductions against Workers Compensation Payments
    Read More
    Workers compensation is a form of insurance payment paid to employees if they ar...
  • delayed income
    Delay Income
    Read More
    Cash accounting is based on the cash received and the cash paid out. In cash acc...
  • Leaving Australia
    Departing Australia Superannuation Payment
    Read More
    Temporary residents are taxpayers who hold a temporary visa granted under the Mi...
  • dividend deductions
    Dividend Deductions
    Read More
    Australia has one of the highest proportions of share ownership in the world wit...
  • Division 43
    Division 43
    Read More
    Division 43 allows certain capital expenditure incurred on income producing buil...
  • Division 7A
    Division 7A
    Read More
    Division 7A is an ATO integrity measure to ensure that private companies don’t m...
  • divorcing spouses CGT
    Divorcing Spouses CGT Asset Rollover
    Read More
    The Australian Bureau of Statistics report ‘Marriages and Divorces, Australia, 2...
  • Public donations library
    Donations
    Read More
    Taxpayers are generally entitled to claim donations and gifts made to Deductible...
  • double tax agreement
    Double Tax Agreement
    Read More
    Double tax agreements (DTA) are agreements between Australia and approximately f...
  • double deductable super
    Double the Deductible Super Contributions Limit
    Read More
    This strategy allows a taxpayer to claim two deductible superannuation contribut...
  • Eligable termination payments
    Eligible Termination Payments
    Read More
    Eligible termination payments (ETP) are lump sum payments paid to an employee on...
  • employee meal expenses
    Employee Meal Expenses on Business Premises
    Read More
    Employee meal costs, like lunch during a normal work day, are normally private n...
  • employee share scheme
    Employee Share Schemes
    Read More
    Employee share schemes are designed to give employees a share ownership in the c...
  • Truck driver
    Employee Truck Drivers
    Read More
    Australian truck drivers are often away from home overnight as they need to deli...
  • Employing the family
    Employing the Family
    Read More
    This involves the small business employing family members, e.g. the spouse or ol...
  • entertainement
    Entertainment
    Read More
    Generally expenditure on entertainment is not tax deductible. This includes expe...
  • Environmental protection agency
    Environmental Protection Activities
    Read More
    Environmental protection activities (EPA) are undertaken to prevent, fight or re...
  • Family trust
    Family Trust Distributions to Adult Children
    Read More
    Family trusts are discretionary trusts established to hold a family’s assets or ...
  • primary producers
    Farm Management Deposits
    Read More
    The Farm Management Deposits (FMD) scheme allows eligible primary producers to m...
  • FTB
    FBT Exemptions and Reductions
    Read More
    Fringe benefits are extra benefits supplementing an employee’s ‘money wage’ or s...
  • Australian Film incentives
    Film Industry Incentives
    Read More
    There are three tax offsets available for certain Australian production expendit...
  • new apartments thumbnail
    Five Year Rule for New Residential Premises
    Read More
    A residential premise includes houses, units and flats that are occupied or can ...
  • amsterdam foreign pension
    Foreign Pension Undeducted Purchase Price
    Read More
    Most countries, including Australia, structure their welfare systems so that tax...
  • fuel efficient luxury cars
    Fuel Efficient Luxury Cars
    Read More
    Fuel efficiency is the distance you can travel on an amount of fuel. A vehicle t...
  • fuel tax credits mining
    Fuel Tax Credits
    Read More
    Fuel tax credits provide businesses with a credit for the exercise or customs du...
  • General pool balence
    General Pool Balance Less Than $20,000
    Read More
    Businesses with a turnover of less than $2 million pa have two choices in calcul...
  • Genuine Redundancy Payments
    Genuine Redundancy Payments
    Read More
    An employer has four valid reasons for terminating an employee’s employment: Ca...
  • GST Going Concern
    GST Going Concern Exemption
    Read More
    The sale of a going concern is GST-free if all of the following apply: Payme...
  • holiday homes
    Holiday Homes
    Read More
    Holiday homes are homes that people own in order to holiday in and that are loca...
  • home office occupancy
    Home Office Occupancy Expenses
    Read More
    If a taxpayer’s home has the character of a ‘place of business’ then occupancy c...
  • home to work travel
    Home to Work Travel
    Read More
    Normally home to work travel for an employee is not tax deductible as it is deem...
  • husband and wife
    Husband and Wife Partnerships
    Read More
    A partnership is a business entity in which two or more individuals or entities ...
  • income protection
    Income Protection Insurance
    Read More
    Income protection insurance, also known as sickness and accident insurance, prov...
  • Intangible Depreciating Assets
    Read More
    Intangible assets are identifiable long-term assets of a business that have no p...
  • interest deductions for rental properties
    Interest Deductions for Rental Properties
    Read More
    The ATO data shows 1.8 million individuals own an investment property with 67% o...
  • investment bonds
    Investment Bonds
    Read More
    Investment bonds (also known as insurance bonds) are tax efficient long term inv...
  • Itinerant travel
    Itinerant Travel
    Read More
    Itinerant travel is defined as working in different places for short periods of ...
  • motor vehicle
    Jointly Owned Motor Vehicle
    Read More
    Most spouses jointly own their assets, including all their motor vehicles. This ...
  • legal fees
    Legal Expenses
    Read More
    Legal expenses are the solicitor fees, court costs, and other expenses involved ...
  • life insurance
    Life Insurance Held Through Superannuation
    Read More
    Both self-employed business owners and employees who are eligible to claim a tax...
  • living away from home
    Living Away from Home Allowances
    Read More
    Many careers require employees to live away from their normal place of residence...
  • log book
    Log Book for Motor Vehicles
    Read More
    Taxpayers can claim motor vehicle expenses based on two methods, cents per kilom...
  • loss companies
    Loss Companies or Trusts
    Read More
    This strategy involves directing business or investment income across to a taxpa...
  • luxury car
    Luxury Car Leases
    Read More
    Australians purchased approximately 1.1 million new cars in 2015 with over 95% o...
  • main residence
    Main Residence 6 Month Rule
    Read More
    Home ownership is a widely held aspiration in Australia, providing security of t...
  • my own tax
    Managing Tax Affairs
    Read More
    A taxpayer can claim a deduction for expenses they incur in managing their own t...
  • margin scheme
    Margin Scheme
    Read More
    Normally the amount of GST payable on a taxable supply of real property is calcu...
  • Negative Gearing
    Negative Gearing
    Read More
    Negative gearing is where borrowed funds are used to invest in either property o...
  • Family Home
    Negatively Gearing the Family Home
    Read More
    The general rule is that interest on borrowings used to purchase the family home...
  • non commercial losses
    Non Commercial Losses
    Read More
    Individuals operating a business, as either a sole trader or in partnership, whe...
  • non resident australian income
    Non-Residents’ Australian Income
    Read More
    It is essential that taxpayers correctly determine whether they are residents fo...
  • novated motor leases
    Novated Motor Vehicle Leases
    Read More
    A novated lease is a type of motor vehicle lease common in Australia that allows...
  • occupation health counseling
    Occupational Health and Counselling
    Read More
    Occupational health is the promotion and maintenance of the highest degree of ph...
  • overseas conferences
    Overseas Conferences, Courses and Study Tours
    Read More
    Employees undertake overseas conferences, courses and study tours for a variety ...
  • overseas super transfer
    Overseas Super Transfer
    Read More
    Australia is a county of migrants with over 27.7% of the resident population hav...
  • overtime meal expenses
    Overtime Meal Expenses
    Read More
    Generally meals, snacks and drinks bought and consumed while working are conside...
  • partnership
    Partnership of Discretionary Trusts
    Read More
    A partnership is a business entity in which two or more individuals or entities ...
  • passively held assets
    Passively-Held Assets
    Read More
    Owners of passively-held assets (like offices, factories, and warehouses) are no...
  • penelties fines
    Penalties, Fines and Interest
    Read More
    Section 26-5 of the ITAA 1997 specifically makes penalties or fines imposed as a...
  • personal services income
    Personal Services Income (PSI)
    Read More
    Personal services income (PSI) is income produced mainly from an individual’s pe...
  • prepaid income
    Prepaid Income – Arthur Murray Case
    Read More
    This strategy deals with how a taxpayer receiving an up-front pre-paid income fr...
  • prepayment
    Prepayment Deductions
    Read More
    Prepayments are amounts paid for by a business in advance of the goods or servic...
  • primary production business
    Primary Production Business
    Read More
    A primary producer is an individual, partnership, trust or company carrying on a...
  • private health insurance
    Private Health Insurance
    Read More
    The Medicare levy surcharge (MLS) is designed to reduce the demand on the public...
  • property depreciation
    Property Depreciation Reports
    Read More
    A property depreciation report (also called a depreciation schedule) sets out th...
  • property related transactions
    Property Related Transactions
    Read More
    The sale of a property can be taxed in one of three ways: Carrying on a busi...
  • property seminars
    Property Seminars
    Read More
    A good property investment seminar provides investors with the facts and figures...
  • protective clothing
    Protective Clothing
    Read More
    Protective clothing is clothing, helmets, goggles, or other garments or equipmen...
  • provisions and reserves
    Provisions and Reserves
    Read More
    Provisions and reserves are similar as they both deal with losses and liabilitie...
  • psi entity
    PSI Entity
    Read More
    Personal services income (PSI) is income produced mainly from an individual’s pe...
  • reducing super
    Reducing Super Guarantee Payments
    Read More
    In 1972 the Keating Labour government introduced a compulsory ‘Superannuation Gu...
  • Refinancing
    Refinancing the Family Home
    Read More
    Often when taxpayers have paid off the mortgage on their family home they decide...
  • Division 293
    Refund of Division 293 Tax for Temporary Residents Permanently Leaving Australia
    Read More
    The Government introduced the Division 293 tax in 2012 to ensure high income ear...
  • Relocation expenses
    Relocation Expenses
    Read More
    Relocation costs can be expensive and are often $10,000 - $20,000. Employees who...
  • Rental property
    Rental Property Repairs
    Read More
    Rental property investments are very popular in Australia with over 1.8 million ...
  • Research and development
    Research and Development
    Read More
    The research and development (R&D) tax incentive came into effect on 1st Jul...
  • Resident vs non resident
    Resident vs Non Resident
    Read More
    Determining a taxpayer’s residency status is important as Australian tax residen...
  • retirement exemption
    Retirement Exemption – CGT Concession for Small Business
    Read More
    There are four capital gains tax (CGT) concessions available for small businesse...
  • sole trader
    Rollover from Sole Trader to Company
    Read More
    A sole trader business structure is very simple and services many small business...
  • private motor vehicle
    Salary Packaging Private Motor Vehicles
    Read More
    When a motor vehicle is used 100% for private purposes there is normally no tax ...
  • rental expense
    Salary Packaging Rental Property Expenses to Double Dip and Save the GST
    Read More
    Investors owning a residential rental property are not entitled to claim an inpu...
  • School building
    School Building Fund Levy
    Read More
    A school building fund is a public fund established and maintained exclusively f...
  • scrip for scrip
    Scrip for Scrip Rollover
    Read More
    As at October 2015 the Australian Stock market was comprised of 2,216 listed ent...
  • self education
    Self Education Expenses
    Read More
    Taxpayers self-education expenses will generally be deductible where they are di...
  • self development seminars
    Self-Development Courses and Seminars
    Read More
    Self-development courses include personal development courses, success seminars ...
  • Self managaged super
    Self-Managed Super Fund Borrowings
    Read More
    The general rule is that self-managed super funds are prohibited from having any...
  • service arrangement
    Service Arrangement
    Read More
    A service arrangement generally has the following features: The taxpayer (an...
  • share buybacks
    Share Buybacks
    Read More
    A share buyback occurs when a company repurchases some of its shares from shareh...
  • investment seminar
    Share Investment Seminars
    Read More
    The Australian Stock Exchange Ltd (ASX) is an Australian public company that ope...
  • Share trader vs investor
    Share Trader ‘v’ Share Investor
    Read More
    Whether a taxpayer is a share trader or share investor depends on the specific f...
  • small business owner
    Small Business CGT Rollover
    Read More
    The small business CGT rollover allows a taxpayer to choose to defer all or part...
  • small business income tax offset
    Small Business Income Tax Offset
    Read More
    Some 96% of all Australia’s businesses are small businesses, employing over 4.5 ...
  • self managed super
    SMSFs and Shares
    Read More
    A self-managed super fund (SMSF) is a trust structure that can be used to manage...
  • Disability Trust
    Special Disability Trust
    Read More
    A Special Disability Trust is a trust established primarily for succession plann...
  • sponsorship
    Sponsorship
    Read More
    Sponsorship is the financial or in-kind support of an activity, used primarily t...
  • partner super
    Spouse Super Contributions
    Read More
    A spouse super contribution involves making a contribution to a spouse’s super f...
  • streaming trust
    Streaming Trust Income
    Read More
    One of the main advantages of a discretionary trust is their ability to decide a...
  • sunglasses sunscreen tax
    Sunglasses and Sunscreens
    Read More
    Many jobs require employees to spend large parts of their work day out in the su...
  • super co contributions
    Super Co-Contribution
    Read More
    The government’s objective with the super co-contribution scheme is to help elig...
  • withdraw super
    Super Withdrawal and Recontribution Strategy
    Read More
    Australia’s total superannuation assets are valued at $1.6 trillion which is rou...
  • tax consolidate
    Tax Consolidation
    Read More
    Tax consolidation is a regime adopted in the tax or revenue legislation of count...
  • tax deductable dog
    Tax Deductible Dogs
    Read More
    Dogs can be a legitimate tax deduction when used in the following ways: On f...
  • malcolm turnbull
    Tax Incentives for Early Stage Investors
    Read More
    Malcolm Turnbull’s Innovation Statement released on 7th December 2015 provides t...
  • venice
    Temporary Absence Rule
    Read More
    The temporary absence rule allows a taxpayer that is renting out their main resi...
  • Temporary residents
    Temporary Residents
    Read More
    Temporary residents are taxpayers whose normal place of residence is overseas bu...
  • Testamentary trust
    Testamentary Trust
    Read More
    A testamentary trust (sometimes referred to as a will trust or trust under will)...
  • thin capitalisation
    Thin Capitalisation
    Read More
    The thin capitalisation rules apply to Australian entities investing overseas, t...
  • Transfer personal investments
    Transfer Personal Investments into Super
    Read More
    This strategy involves a taxpayer selling listed securities (whether shares or m...
  • Google office
    Transfer Pricing
    Read More
    Transfer pricing occurs where a multinational business operates in two separate ...
  • Transfering business
    Transferring Business Premises into a SMSF
    Read More
    This strategy involves a business owner transferring their business premises int...
  • Transition to retirement
    Transition to Retirement
    Read More
    Transition to retirement income streams (TRISs) help workers transition to retir...
  • transporting heavy equipment
    Transporting Heavy or Bulky Equipment
    Read More
    Some employees need to transport heavy or bulky equipment to and from their work...
  • travel places of employment
    Travel Between Two Unrelated Places of Employment
    Read More
    Employees who use their motor vehicle for work related travel are entitled to a ...
  • main residence
    Two Hectare Main Residence Exemption
    Read More
    The main residence exemption applies to the dwelling a taxpayer lives in (which ...
  • unit trust
    Unit Trust
    Read More
    A unit trust is a type of trust where the assets are held and administered by th...
  • trading stock
    Valuing Trading Stock
    Read More
    Changes in the value of trading stock from year to year will affect the gross pr...
  • pinball
    X-Box, Foxtel, and Pinball Machines
    Read More
    Research shows that having fun in the workplace can significantly improve produc...
  • Australian defence force
    Zone or Overseas Forces Tax Offset
    Read More
    The Zone Tax Offset (ZTO) is a concessional tax offset available to individuals ...

Key Services

View all services