The government plans to give companies greater access to prior year tax losses in a bid to stimulate business innovation. A new alternative to the “same business test” – the “similar business test” – … [Read more...]
Reforming the taxation of discretionary trusts
Recent years have seen much discussion about the effectiveness and fairness of Australia’s current rules for taxing discretionary trusts. These trusts are very popular in Australia and are widely used … [Read more...]
Working-from-home deductions for employees
More people are working from home than ever before. Employees who work from home may be able to deduct some of the expenses they incur in running a home office or for phone and internet usage. The key … [Read more...]
What expenses can I deduct for my holiday home?
The ATO is on the lookout for holiday home owners who may be over claiming their expenses. Where a property is used partly for private purposes and partly to earn rental income, it is essential to … [Read more...]
Deemed dividend rules: new 10 year loan model from 1 July 2019
The government is acting to simplify the Division 7A rules that govern deemed dividends, proposing a new 10 year loan model for compliant loans. Significantly, private companies with existing loans … [Read more...]
PAYG withholding: new penalties for non-compliance
Combating the black economy has been a key priority of the government in recent years. To reduce business activity that takes place “under the radar” of the tax system, new laws commencing on 1 July … [Read more...]
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