Fuel Tax Credits Explained: Part 2
Fuel Tax Credits (Australia) — Part 2 The Technical Framework Auditors Care About Part 1 covered the basics of eligibility and common errors of Fuel Tax Credits we see as tax accountants in Perth. In Part 2, we focus on the technical framework that underpins compliant Fuel Tax Credit (FTC) claims — the legislation, ATO […]
Fuel Tax Credits Explained: Part 1
Fuel Tax Credits Explained: Part 1 The Basics of Fuel Tax Credits A Key Player Fuel is a major line item for many SMEs in Perth and WA—from freight and logistics through to farmers, construction and food distribution. The Fuel Tax Credit (FTC) regime is designed to return part of the fuel excise to eligible […]
Tax and Cars Part 4: The Log Book
Taxes and Cars: Part 4 – The Log Book Cars and taxes are a constant source of confusion for business owners in Perth. One of the most misunderstood areas is the ATO car log book. While it might seem like a small compliance detail, your log book is the key that unlocks higher tax deductions […]
Tax and Cars Part 3: FBT on Cars
Tax and cars Part 3: FBT on cars In this third part of our series we look at salary packaging and how providing a car to a team member can generate a fringe benefits tax liability for employers. For many business owners, it’s also part of a smart salary packaging strategy. But when you give […]
Tax and Cars Part 2: One-Tonne Utes and Commercial Cars
Tax and Cars Part 2: One-Tonne Utes and Commercial Cars In this second part of our Tax and Cars series, we look at a vehicle type that’s central to the way many West Australians work and travel: one-tonne Utes and commercial vehicles. For tradies, business owners and even professionals, these vehicles go beyond just practical, […]
Taxes and cars: Part 1 – Deductions without receipts
Taxes and cars: Part 1 – Deductions without receipts As a taxpayer in Perth, one of the simplest ways to reduce your taxable income is by claiming tax deductions for motor vehicle expenses related to work travel. The Australian Taxation Office (ATO) allows taxpayers to claim a deduction based on a set rate per kilometre […]
Part 4: Other Pathways to Wholesale Investor Status
Additional Pathways to Wholesale Investor Status SMSFs may still achieve wholesale classification through legitimate alternatives: · $500,000 investment: Making a single investment above this threshold can qualify you as wholesale under section 761GA. · Sophisticated investor certificate: A licensed financial adviser, or investment advisor, may assess you as having sufficient financial experience to qualify, even […]
Part 3: Superannuation Fund’s Importance on Wholesale Investor Certificates
Special Rule for Superannuation Funds The Corporations Act includes a specific provision for superannuation funds. Where a SMSF receives an advice on a superannuation product, it is a retail client unless the superannuation fund has net assets of at least $10 million (s761G(6)) This $10 million rule caused confusion. In 2014, ASIC issued Media Release […]
Part 2: How to acquire a Wholesale Investor Certificate
There are several prerequisites to receive a Wholesale Investor Certificate. Wholesale Clients and the Corporations Act An SMSF can be a wholesale investor if it satisfies the tests under sections 708 and 761G of the Corporations Act, including: · Net assets of at least $2.5 million; or · Gross income of at least $250,000 per […]
Part 1: Is your SMSF a Wholesale Investor or not, and why it matters.
Is a wholesale investor certificate necessary? The wholesale investor rules apply only to financial products and financial services. This includes managed investment schemes, securities, superannuation products, and derivatives. These rules do not apply to direct investments in non-financial assets, such as residential or commercial real estate, collectables, crypto currency (sometimes) or personal business acquisitions. For […]