FMW Accountants

20/01/2025

Property buyers and sellers have been reminded that the revised foreign resident capital tax withholding scheme is now in effect.

20/01/2025

The Coalition has announced a proposed $20,000 tax deduction for business-related meal and entertainment expenses ahead of the upcoming election.

11/10/2023

SMSFs disposing of an asset to a related party do not have to seek a valuation as part of the transaction, but doing so would provide clear evidence it was conducted at arm’s length

While not required to do so, SMSFs should seek valuations when disposing of assets to a related party to prove the transactions were at arm's length.

03/10/2023

AAT decision overturns ATO ruling on trusts and Div 7A

Thousands of trusts have fallen into line with the tax office position that an unpaid present entitlement to a company constitutes a loan. The AAT has overturned more than a decade of ATO edicts abou

02/10/2023

The 20 per cent bonus deductions reduce the tax liability for a small business but can mean dividends arrive less than fully franked

The 20 per cent bonus deductions reduce the tax liability for a small business but can mean dividends arrive less than fully franked, tax specialist says. The bonus 20 per cent deductions for technolo

18/09/2023

SMSFs have continued to be cost-effective to maintain with expenses totalling less than 1 per cent of fund assets

The cost effectiveness of SMSFs has continued to be drawn out with new research showing fund expenses total less than 1 per cent of assets despite increases in underlying investment fees.

14/09/2023

$20k instant asset write-off to get 1-year extension The amendment will hold off the threshold reverting to $1,000 until June 30 next year.

The amendment will hold off the threshold from reverting back to $1,000 until June 30 next year. Small businesses will be able to claim an immediate deduction for assets up to $20,000 under an amendm

13/09/2023

Around 90 per cent of SMSF members have moved their superannuation into retirement phase compared with less than 50 per cent of Australian Prudential Regulation Authority (APRA)-regulated fund members

Far more SMSF members over 65 are in pension phase compared to APRA-regulated fund members, highlighting the different levels of engagement in the two sectors.

11/09/2023

The ATO specifies ongoing subscriptions for accounting programs as qualifying for the technology investment boost

The ATO specifies ongoing subscriptions for accounting programs as qualifying for the technology investment boost. Ongoing subscriptions for accounting software qualify for a 20 per cent bonus tax ded

10/09/2023

Side hustles run from home can trigger CGT

Conducting a business at your main residence imperils the levy exemption when the house is sold. Running a side hustle from home could make the owner liable to CGT when the residence is sold, a tax