Proposed CGT changes may alter the after-tax outcome of future investment and business-asset sales making early planning increasingly important. The Federal Government’s proposed capital gains tax reforms represent a significant potential shift in the way Australians are taxed on investment and [...]
Lifestyle assets continue to be an ATO audit Target It has been made public that the ATO will be requesting a further five years’ worth of insurance policy information from over 30 insurance companies about taxpayers who own lifestyle assets [...]
Following the passage of the Treasury Laws Amendment (2018 superannuation Measures No.1) Act 2019, from 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help [...]
There has been some confusion regarding the Low and Middle Income Tax Offset (LMITO) so we wanted to clarify a few things. The Low and Middle Income Tax Offset (LMITO) is to help low and middle income earners lower the [...]
ATO safe harbour for ‘work-horse vehicles’ Eligible commercial work vehicles are exempt from FBT where any private use is limited to either: ‘work-related travel’ of an employee (including home to work travel); and Any other private use by the employee [...]
What constitutes a going concern? We were recently asked to provide advice on the potential sale of a family’s commercial property. The query asked ‘what constitutes a going concern and whether a vacant tenancy requires a partial payment of GST’. [...]
Small business tax tips for 2018 Small businesses may be eligible for a range of tax benefits. We have put together the following tax tips to help small businesses. Maximise depreciation deductions If you have a turnover of less than [...]
Federal Budget Highlights 2018-19 A budget to strengthen the economy, create jobs and cut taxes was the promise of this year’s Federal Budget. We have put together some of the tax and superannuation Federal Budget highlights, that may be of [...]
GST Withholding On Residential Property The Government has introduced a Bill aimed at strengthening GST payments in the property industry as part of the 2017/18 Federal Budget. Under the new laws, buyers are required to withhold the GST on the [...]
Work Related Expenses - What You Need to Know The ATO are paying attention to people who are over-claiming work related expenses. If you can satisfy these three rules then the expense is claimable: You must have spent the money [...]
