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Recent Posts

4 Mar 2020

If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to make sure you tax affairs are in order.

The ATO announced in the latter part of last year that it will be requesting a further five years' worth of policy information from more than 30 insurance companies (see which ones below) about

taxpayers who own what it dubs "lifestyle assets" such as mentioned above.

Insurers have b...

9 Feb 2020

From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensable workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or

survive.

Given that there are many hundreds of volunteers popping up all sorts of good work throughout the nation, and in the spirit of thorough tax planning, an important and practical consideration for many may be if paymen...

4 Dec 2019

Along with a more automated exchange and processing of invoices, e-invoicing also promises reduced payment times and better cash flow.

The headline above may give the impression that electronic invoices are a futuristic concept, but of course even today there is a version of e-invoices - think PDFs and other electronic documents with the information that a standard tax invoice is required to display.

But what the ATO is working towards, and what it means by electronic invoicing (or e-invoicing) is more than a mere...

8 Nov 2019

Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the same result (or at worst even destroy records).

And with a hot summer predicted, let's not forget the very real danger of natural disasters and the devastation these can have on people's lives, not just their financial concerns.

It's try that in these...

2 Sep 2019

The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations.

The considerations facing the ATO can include whether an agreement to develop and sell land is a "mere realisation" or a disposal either in the course of a business or as part of a profit making undertaking or plan.

A "mere realisation" is a sale on capital account to which the capital gains tax (CGT) rules will generally apply. Landholders will usually seek this treatment if they...

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