By: Rod Myer The Australian Taxation Office has fired a shot across the bows of plans by DomaCom, an investment company, to allow self-managed super fund (SMSF) investors to live in houses their funds own. In response to enquiries from The New Daily, the ATO issued a statement signed by Assistant Commissioner Kasey Macfarlane, saying it was not […]
By: Steve Burnham It is generally assumed that there is a degree of flexibility within the tax law over particular work travel claims that arise where the nature of the employment is deemed to be itinerant. If you do itinerant work (or have shifting places of work) you can claim the cost for driving between workplaces […]
By: Max Newnham Are there any tax advantages for buying either new or used for my business? When a business is registered for GST it can claim a credit for GST input tax included on anything it pays relating to the business, but it also must pay to the ATO one eleventh of all of its […]
By: Steve Burnham The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers. Instead, working holidaymakers will be taxed at a lower rate of 19%, starting January 1, 2017. They will still be charged from the first dollar earned. Under the original $540 million proposal in the […]
By: Jackson Stiles Score! The tax man has given thousands of Australians a windfall in the form of a refund on their tax bill. But experts have urged us to spend this money wisely, given precarious economic conditions. As of September 6, the Tax Office had received 5.5 million returns and issued 4.5 million refunds for the […]
By: Max Newnham What happens when your business replies on goods or services from overseas? Thankfully most small business owners only have to deal with the Australian taxation system. When a business manufactures in or provides services from Australia that are used overseas, the business is only subject to the Australian taxation system. When the goods are […]
By: Steve Burnham Even though tax reform is more than likely on hiatus for the next three years, it is worthwhile to re:visit that Tax & Super Australia made a submission to the government last year for the “Re:think” tax discussion paper. One aspect of our submission dealt in part with work-related expense deductions, and how […]
By: Noel Whittaker Judging by emails I receive, capital gains tax (CGT) on the family home is causing a lot of confusion. It’s really not difficult, if you take it step by step, so today I will share some examples to help you understand it. Your residence is free of CGT only if it is held […]
If a business provides certain benefits to staff, or their associates, the business taxpayer may be up for fringe benefits tax (FBT). But there seems to remain ongoing misconceptions, or at worst misinformation, among many in business about the exemption or otherwise of certain benefits provided to employees. Generally, a condition of exemption is […]
Unfortunately, having to deal with managing a deceased estate is a task many of us will have to shoulder at some stage in our lives — but having some familiarity with what’s involved beforehand will hopefully ease the burden. It is worth remembering that the law that applies to the assets and income of […]
