Income Tax

Scott Morrison’s First Budget Very Illiberal

Max Newnham - 3 May 2016

There are a number of nasty shocks in the 2016 federal budget that unfortunately probably outnumbered some of the pleasant surprises. There are some massive changes to superannuation and small changes to small business concessions and tax rates.The biggest shock was Scott Morrison proving that he would make a good Labor party treasurer with the introduction of a number of…

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Tax Office Throws a Measured Audit Net Over Small Business

Max Newnham - 18 Sep 2011

Benchmarking is often used to improve performance. In sport AFL clubs compare their marks, handballs and inside 50’s with that of other teams. In the NRL it is tackles, line breaks and all run metres. Benchmarking is also used by the ATO to select businesses for audit. The ATO has been collecting information included on tax returns and business activity…

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Small Business Tax Mistakes

Max Newnham - 28 Aug 2011

When it comes to tax mistakes a business owner can make there are many. But three stand out as the most repeated, easiest to avoid and they tend to revolve around cash. They are hiding cash, not managing cash flows, and not borrowing tax effectively when there is not enough cash. The biggest mistake owners make, where their businesses take…

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Non-Commercial Loss Rules

Max Newnham - 31 Jul 2011

At the same time the GST commenced the non-commercial loss rules were introduced. Under these rules a business loss can only be claimed as a deduction against a person’s other income if certain tests are passed. From the 2010 year these rules have been tightened further. It is common when a business starts losses to be made. The pain of…

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Maximising Car Tax Deductions

Max Newnham - 19 Jun 2011

Motor vehicles are often a necessity for business. Where their use will be for business purposes the cost is tax deductible, for vehicles with little business use the cost must be funded by after tax profit. How much can be claimed depends on the type of vehicle, the number of business kilometres driven in a year and the method used…

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Claiming Motor Vehicles

Max Newnham - 22 May 2011

Before this year's federal budget there were five ways a business owner could claim for claiming motor vehicle expenses. As a result of the change, allegedly to clamp down on tax avoidance, the choice will reduce to four because the rules relating to car fringe benefits will be changed. Business owners that have used the statutory method to claim motor…

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Avoiding Car GST Traps

Max Newnham - 17 Apr 2011

When a business sells and purchases a new asset, such as a motor vehicle, there are three GST traps that need to be avoided. The first relates to how the purchase of an asset is financed and, depending on the way a business accounts for GST, if the wrong type IS used there can be major cash flow implications. There…

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As seen in

Read Max Newnham's columns in the following Publications:
Sydney Morning Herald
Eureka Report
The Age Melbourne
Brisbane Times
The Examiner Hobart, Tasmania
WA Today, Perth WA
Professional Planner Australia