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Postal Address
PO Box 638
Ringwood VIC 3134

Office Address
Suite 17
45-51 Ringwood St
Ringwood VIC 3134

Phone: 03 9020 0272
Fax: 03 9015 6432
Email: reception@williamsonpartners.com.au
Skype: williamson.partners

Tax on children’s income

It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the next generation. It is not so common however, among the warm and generous emotions that accompany such a gift to factor in the taxation obligations […]

By |June 2nd, 2017|News|Comments Off on Tax on children’s income

Understand entertainment expenses

If you have a meal or a coffee with a client out of the office they will generally be considered entertainment expenses. Read how to claim a deduction.
By |March 2nd, 2015|Business tax, Expenses, News|Comments Off on Understand entertainment expenses

Deductions for home office expenses

You can generally claim the same percentage of occupancy expenses as the percentage area of your home that is used to make income. One common way to work this out is to use the floor area put aside for work.
By |August 22nd, 2014|News|Comments Off on Deductions for home office expenses

Three things to do before you employ anybody

Even if yours is a single director company, if you (the director) are drawing a salary, then you must take out Workcover insurance, register for PAYG Withholding and make superannuation payments into a complying super fund.
By |July 25th, 2014|News|Comments Off on Three things to do before you employ anybody

If I put a work sticker on my car, can I deduct 100% of my car expenses?

Question:  f I put a work sticker on my car, can I deduct 100% of my car expenses?

Answer: Simply – no. Deductions are based on four different methods. The methods are:

  • Cents per kilometre (limited to 5,000 business kms per year)
  • 12% of original value (this can be used if you travelled more than […]
By |March 26th, 2014|Blog|Comments Off on If I put a work sticker on my car, can I deduct 100% of my car expenses?

General year end tax planning strategies

With 30 June 2014 fast approaching, these are some strategies that you may find helpful when looking towards the end of this tax year.

For most small business owners the end of the financial year requires a review of their operations – not only their tax planning strategies but also their cash flow requirements. Small […]

By |March 25th, 2014|Blog|Comments Off on General year end tax planning strategies

Breaking the SMSF rules

Good article in the Australian Finance Review about the new penalty regime for SMSF’s which is likely to be introduced this year. If you have an SMSF you should read this. If you breach the rules not only can you get a fine but you could be sent back to school!

According to the latest […]

By |January 15th, 2014|Blog, SMSF|Comments Off on Breaking the SMSF rules

Business management for Christmas

Christmas can either represent boom time or downtime for your business. As a result, business planning is essential to ensure the organisation is well placed for the new year.

Debtors often attempt to start postponing payment until the new year. Accordingly, there should be a strong focus on debtor collection before Christmas to ensure the […]

By |December 6th, 2013|Blog|Comments Off on Business management for Christmas

New taxable payments reporting for building and construction

Businesses in the building and construction industry must now report the total payments they make to each contractor for building and construction services each year. This change came into effect 1 July 2012.

These payments are to be reported to the ATO as part of the Taxable payments annual report.

Who needs to report

Businesses in the […]

By |August 27th, 2013|Blog, Business tax|Comments Off on New taxable payments reporting for building and construction

Changes to simpler depreciation rules for cars and other assets

The small business instant asset write-off threshold has been increased from $1,000 to $6,500 for the 2012-13 income year. As a result, small businesses can claim an accelerated initial deduction for motor vehicles acquired in 2012-13 and in subsequent years.

This means the long life small business pool and the general small business pool have […]

By |August 23rd, 2013|Blog, Business tax|Comments Off on Changes to simpler depreciation rules for cars and other assets