Blog
Smart Strategies for EOFY 2017/18: Small Businesses
23 June
Many business owners like to review their tax position at the end of the income year and evaluate any year-end strategies that may be available to legitimately reduce their tax. Traditionally, year-end tax planning for small businesses is based...[Read More]
Smart Strategies for EOFY 2017/18: Prepay Expenses
22 June
As you plan for the end of financial year, a good strategy to reduce the amount of tax payable is to accelerate any income tax deductions into the current year. In general terms, this means prepaying expenses in this financial year so you can claim...[Read More]
2018/19 Tax Update: GST withholding measures have now passed into law
29 May
From 1 July 2018, purchasers of new residential premises and new residential subdivisions will be subject to recently passed legislation intended to 'clamp down' on GST evasion in the property development sector. These new obligations are primarily...[Read More]
2017/18 Tax Update: ATO focus on holiday home deductions
22 May
In March, we emailed you a link to the ATO's announcement about holiday home owners. Further to this update, the ATO has recently confirmed that, while the private use of holiday homes by friends and family is entirely legitimate, such use...[Read More]
2017/18 Tax Update: Employee denied deductions for work-related expense claims
15 May
Further to our earlier update advising the ATO would be increasing its scrutiny on work related expenses, the Administrative Appeals Tribunal has recently denied a taxpayer's deduction for work-related expenses. The taxpayer was a...[Read More]
2017/2018 Update: New Housing Measures – clarification on ‘Downsizer Contributions’
30 April
Further to our recent post on the new housing measures coming into effect from 1 July 2018, further clarification has now been provided on what 'downsizer contributions' are. As you know, the new housing measures permit individuals aged 65 or...[Read More]
2017/18 Tax Update: ATO announces its focus areas
23 April
The Commissioner of Taxation has recently highlighted the areas the Australian Taxation Office has and will be focusing on. These include: undeclared income; unexplained wealth or lifestyle; incorrectly claimed private expenses; unpaid...[Read More]
2017/2018 Update: New Housing Measures Passed into Legislation
23 February
Here is some good news for both aspiring and established homed owners... Parliament has recently passed legislation which will allow first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS),...[Read More]
The Cash Economy: Reminder from the ATO
18 October
The ATO is reminding taxpayers that it uses a range of tools to identify and take action against people and businesses that may not be correctly meeting their obligations. Through 'data matching', it can identify businesses that do not have...[Read More]
SAVE THE DATE: OakWealth’s End of Year Client Seminar
27 September
We have started the exciting process of planning for the OakWealth end of year client seminar on Thursday, 7 December 2017. Please SAVE THE DATE as we would love for you to join us. Got a wealth topic you want to know more about? Get in on the...[Read More]
2017/18 Tax Update: Cents per kilometre claims in ATO’s sights
25 September
In general, the kilometres you travel in your car in the course of business are deductible. To qualify, the kilometres travelled has to be in the course of producing assessable income or travel between workplaces. This does not, however, include...[Read More]
Where in the World are Rete & Pete?
30 August
Since Rete’s retirement earlier this year, we’ve had so many clients enquire about what she is up to now and whether she is enjoying her retirement. Rest assured, Rete was not only a valued member of the OakWealth team, but also our very own...[Read More]
OakWealth is proud to be a sponsor of Green SuperCamp Australia!
24 July
Established in 1982, SuperCamp is the original academic and life skills camp. It was the first camp of its kind in the United States, and has since expanded to Europe, Asia and now Australia to become the trusted worldwide leader in enhancing...[Read More]
Introducing… Philip Sujanto, Associate Trainee on Professional Placement
30 June
Continuing our Getting to Know OakWealth series, we have Philip Sujanto in the spotlight this month. Philip joined us in February as an undergraduate under the Swinburne Professional Placement program. This Swinburne University program aims at...[Read More]
Using social media? Be aware of tax scams!
26 June
The Australian Taxation Office has advised that, in the lead up to tax time, it's important to be aware of what taxpayers share on social media. Note that scammers may also try to impersonate a tax agent (or their practice) and try to trick...[Read More]