In This Issue Division 7A breaches outside the amendment period ATO finalises its view on deductibility of labour costs on constructing or creating capital assets Payroll Tax – should WA medical practitioners be concerned? ATO’s stronger stance on new payment arrangements and interest remission Division 7A breaches outside the amendment period The law and ATO […]
In This Issue Division 7A, Distributable Surplus and the meaning of ‘Net Assets’ 2023 Trust Distributions – reducing the risk TR 2023/1: Residency Tests For Individuals Released Managing risks in the allocation of Professional Services Firm profits – Part 2 Division 7A, Distributable Surplus and the meaning of ‘Net Assets’ Clients that operate through companies […]
In this issue ‘OnlyFans’ Tax Risk Warning ATO Rental Property Blitz Access to home guarantee scheme expanded to friends and siblings Question of the month: Company loan to pay down the mortgage Right to super to be enshrined in National Employment Standards ‘OnlyFans’ Tax Risk Warning The explosion of OnlyFans, YouTubers, TikTokers and others all […]
In This Issue Overview – FEDERAL BUDGET 23/24 – THE “cost of living 2.0” BUDGET Small Business Measures Personal Tax Measures Superannuation Related Measures Tax Compliance & Integrity Measures FEDERAL BUDGET 23/24 – THE “COST OF LIVING 2.0” BUDGET Last night, Treasurer Jim Chalmers announced that the 2023 Budget, delivered in October 2022, will now […]
In this issue How Does Tax Apply to Electric Cars? Selling a business? The buyer’s rationale for earn-out clauses What sharing platforms are sharing with the ATO Company money: A guide for owners Update: Tax on super balances above $3m Budget 2023-24 How Does Fringe Benefits Tax Apply to Electric Cars? Just in time for […]
In This Issue Changes to Taxation of Superannuation – The Unintended Consequences ATO Stymies Greatest GST Fraud in Australian History – Where to from here? Division 7A on Loans from Trusts – Is this still relevant? Managing Risks in the Allocation of Professional Services Firm Profits – Part 1 Changes to Taxation of Superannuation – […]
In this issue Future earnings for super balances above $3m taxed at 30% from 2025-26 The ‘Super’ Wars 1 July 2023 Super Balance Increase but no change for Contributions What will the ATO be asking about your holiday home? What’s the deal with working from home? End of the FBT year fast approaching Future earnings […]
In This Issue Tax Office releases final guidance on Trust Distributions and s100A The FBT Exemption for Electric Vehicles The hidden trap in Private Company loan repayments Time limits on Indirect Tax Assessments Tax Office releases Final Guidance on Trust Distributions and s100A The ATO has now finalised its guidance on when they will seek […]
Last night, Treasurer Jim Chalmers handed down his first Federal Budget, against the backdrop of a very difficult global economic landscape. Whilst this Budget’s key focus is the cost of living pressures faced by Australians, that has meant that there was no place for tax reform or even the “tax tinkering” that we have seen […]
In This Issue Applying for your Director ID Claiming deductions for crypto losses Sharing Economy/Marketplace Reporting Beware the “shrinking” CGT Concession Thresholds Applying for your Director ID It is a legal requirement for all Australian company directors (whether resident in Australia or not) to obtain a Director ID (DIN). This is an integrity measure […]