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...]
Deemed dividends: changes are coming
Division 7A or deemed dividend payments may be familiar to you if you’re the shareholder or their associate of a private company. It generally applies to treat a benefit provided by a private company … [Read more...]
ATO’s use of real-time data for super guarantee compliance
The ATO is currently undertaking a project to move towards real-time data or event-based reporting to enhance compliance around super guarantee entitlements. This is an area the ATO is actively … [Read more...]
FBT on work Christmas parties and gifts
The festive season is just around the corner and if you are an employer you may be about to host – or you may have already hosted – a Christmas party for staff to celebrate the year’s achievements. If … [Read more...]
Tax return lodgment due soon
The deadline of 31 October for lodging your tax return is fast approaching. Before you rush off to gather all the documents for your tax return, beware of some changes in this year’s return, … [Read more...]
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