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CROWDFUNDING AND TAX

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 funds for a project or venture.
           
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GET A CLEAR VIEW WITH A PRIVATE RULING         

There have been cases where people believe the idle talk about being able to coerce a better tax outcome simply by applying for a private ruling from the ATO. But there are some sober facts that you may need to keep in mind if you have thought of it yourself.

Any taxpayer can apply for a private ruling where they have a concern that their circumstances may put them in an unusual position tax-wise. It may be that a particular transaction or event doesn't fit any known approach for tax purposes, or the taxpayer may simply be looking to minimise the risk of an unanticipated tax outcome on the back of an out-of-the-ordinary financial arrangement
                        
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CHANGING DETAILS IN YOUR TAX RETURN AFTER IT'S LODGED

Say for example that we have already lodged your 2017-18 tax return and forwarded your notice of assessment to you saying that everything is as discussed, but then you realise that something has been left out of your return, or you accidentally included an extra deduction or doubled one up. There's no need to panic - an agent from the ATO won't be pounding on your door demanding that you pay a penalty.

                        
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PERSONAL SERVICES INCOME: AN OVERVIEW

It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company. The allure of course is the lower tax rate that these can secure, rather than at the top marginal tax rate that an individual would generally wear.

Running a business through such a structure can also lead to a wider range of deductions being available, depending on circumstances. So to stop taxpayers dodging their full share of tax, the tax law has in place a set of rules for income derived in this way, which the ATO has dubbed "personal services income".                                                                                     

         
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TRADING NAMES - AN UPDATE

From 1st November 2018 the Business Name Register will no longer track Trading Names, only Business Names.

We will be emailing our business clients in the near future.


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