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 […]
In This Issue Superannuation Changes and Tax Planning 2022 PCG 2022/D1 on Section 100A – Staying out of the Red Zone RestrictionS on Excess GST Refund Superannuation Changes and Tax Planning 2022 As the end of the Financial Year approaches, many will be looking at their superannuation and making top up contributions before 30 June […]
In This Issue Overview – Federal Budget 22/23 – The “Cost of Living” Budget Small Business Measures Personal Tax Measures Superannuation Related Measures Tax Compliance & Integrity Measures Overview – Federal Budget 22/23 – The “Cost of Living” Budget Last night, as expected, Treasurer Frydenberg handed down the Government’s fiscal pitch to Australian voters through […]
In this issue ATO focus on parents benefitting from the trust entitlements of adult children Unpaid Present Entitlements and Sub-Trusts – ATO Draft Guidance GST and Services to Overseas Recipients ATO focus on parents benefitting from the trust entitlements of adult children For many years, business owners and investors who use Family (Discretionary) Trusts have […]
In This Issue: GST & Food Misclassification Temporary Loss Carry Back Offset Accessing the CGT Small Business Concession on the Sale of Shares GST & Food Misclassification At a high level, GST classifications of food and beverages seem straightforward: Food (is normally GST-free, but Taxable by exception); Beverages (are normally Taxable, but GST-free by exception). […]
In This Issue: Loss Carry Back Tax Offset (“LCB”) – To carry back or not to carry back, that is the question! Business of Letting Rental Properties Expenses Associated with Vacant Land – ITR 2021/D5 Loss Carry Back Tax Offset (“LCB”) – To carry back or not to carry back, that is the question! The […]
In This Issue Tax Traps for Subdivision of Land GST, Supply of Property & Requirement to Register Mussalli v FCT – Another Capital vs Revenue Decision Changes for Expats Selling Their Former Homes Apply for 2021 and Later Years 2021 End of Financial Year Tax Traps for Subdivision of Land As property prices go up […]
In This Issue: Restructuring Businesses to Corporate Entities New ATO Guidance on Travel Expenses Choosing a Business Structure Margin Scheme Valuation Method Restructuring Businesses to Corporate Entities There are compelling reasons to transfer businesses from trusts to companies. The major advantage of operating a business through a company is the ability to retain income. The […]