Welcome to JBG Accounting's latest news blog

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Recent Posts

6 Feb 2019

For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying start-up businesses - or as the ATO has dubbed them, early stage innovation companies (ESICs).

The incentives provide eligible taxpayers who invest in new shares in an ESIC with:

(1) a non-refundable carry forward tax offset equal to 20% of the amount paid for their qualifying investments.  This is capped at a maximum tax offset amount of $200,000 for "sophisticat...

3 Dec 2018

Going into new business with other people is exciting and can be extremely rewarding. A formal agreement can set the ground rules and stop owners getting caught out if things don’t quite go as well as planned.

Whether your firm is structured as a partnership or a company, you and your business partners need to agree on the terms of your professional relationship. This will be a partnership agreement, a shareholders’ agreement or, where you are operating a trading trust, a unitholders’ agreement.

Read more in the De...

31 Oct 2018

As the FBT year runs from 1 April to 31 March, the months of October to December mark the "third quarter" of the FBT year, and so, as an early fix before year's end, here is an overview of the FBT elements that can attract the ATO's attention.

This can be a timely period for a compliance check-up, so that employers who provide fringe benefits to staff can have better assurance they are not going to be tapped on the shoulder.  This may still leave time for a fix-up (if possible) before the FBT year winds up, but ce...

4 Oct 2018

Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or help-your-neighbour initiatives. But increasingly these days crowdfunding is viewed as a viable source of seed capital, and is no longer regarded as the shy little sister of venture capitalism.
 

Some quite serious money can be raised through crowdfunding, using internet platforms, mail-order subscriptions, benefit events and other methods to find supporters and raise fund...

5 Sep 2018

A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super.

Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an employer, you were rendered ineligible to claim any tax deduction for after-tax contributions you may have made to your superannuation fund.

But this rule has been removed....  Read more in our September Newsletter

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