By Simon Dorevitch A century on from the High Court’s landmark decision in Spencer v Commonwealth1, Simon Dorevitch sheds light on the term “market value” and its implications for tax purposes. Under Australia’s tax laws, taxpayers are frequently required to determine the market value of an asset or liability. The Inspector-General of Taxation found that there […]
By Melissa Browne Most Australians look at the federal budget through the lens of “what’s in it for me”. As a nation that’s more than $600 billion in debt, it’s a habit we need to break or we’re only ever going to get the politicians (and budgets) we deserve. But I digress. My lens when […]
By: Steve Burnham Assistant Commissioner Kath Anderson has announced that the ATO is particularly concerned about taxpayers either making mistakes or deliberately lodging false claims in relation to work-related car expenses over tax time 2018. “Last year around 3.5 million people made a work-related car expense claims, and together they totalled about $8.8 billion,” Anderson says. “Now […]
By: Simon Dorevitch 1 AFFILIATES Remember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Since 1 July 2007, an individual or a company is an affiliate of yours if the individual or company acts, or could reasonably be expected to act, in accordance with your directions or wishes, or in concert with you, in […]
By Steve Burnham While unearned income distributed by a trust to minor beneficiaries is generally taxed at punitive rates, this is not always the case, in particular where assets have devolved to the trustee as a result of death or disability. Taxpayers and advisers should therefore be vigilant to ensure that the opportunity to distribute […]
By Steve Burnham A question was asked of the ATO recently, via its “ATO Community” webpage (find out more about that here) that centred on the viability of deeming bitcoin (or any cryptocurrency) as a personal use asset. The follow-up portions of the question of bitcoin as a personal use asset were as follows: Does a […]
By Max Newnham There is often a misconception among new business owners that they are taxed on the money they withdraw from their business. For nearly every business entity structure this is not the case, the only exception is when a business is operated through a company. When a business is operated through a company, and […]
By Steve Burnham That employees are required to travel for work has become increasingly significant, especially with the growing influence of a more global economy, and the sometimes necessary moving of businesses for expansion or reaching out to new markets. Being asked by the boss to travel for work purposes can be demanding on staff […]
By Steve Burnham There have been some important developments for GST and cross-border transactions regarding taxing digital products and low value goods. Simon Dorevitch, Senior Tax Consultant at A&A Tax Legal Consulting, reviews the changes. When the GST Act and Regulations were drafted in 1999, e-commerce was in its infancy – it was not fully envisaged that […]
By Steve Burnham Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may also find themselves facing action by ASIC. The new contribution caps require […]
