One of the most fundamental concepts in Australian taxation law is that of “substance over form”, which seeks to treat any particular arrangement based on the true nature of the arrangement, regardless of how it is labeled. Over the years, many sections of legislation have sprouted up to formalise the process of classifying arrangements correctly,… Continue Reading
Category Archives: Business
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 1 July 2019 will prevent businesses from claiming deductions for payments to employees and certain contractors if they fail to comply with their… Continue Reading
Property Development and GST Withholding
You only need to watch an episode of A Current Affair or read an ATO newsletter to know that the construction industry is notorious for phoenix activities and other schemes designed to avoid tax liabilities, obligations to purchasers and other general mischief. This time, the government is seeking to tackle the ever-growing number of developers… Continue Reading
Director Identification Numbers Coming Soon
The extensive responsibilities of being a director could soon increase with a government proposal to introduce a “Director Identification Number” (DIN), a unique identifier for every director of an Australian registered body. The proposal comes as part of an ongoing endeavour to stamp out phoenixing activities and to modernise business registers across Australia. The main… Continue Reading
Does your SMSF have a sole purpose?
The “sole purpose test” is one the fundamental requirements for SMSFs to obtain tax concessions. It requires that the SMSF be maintained for the sole purpose of providing retirement benefits to its members, or to their dependents if a member dies before retirement. Broadly, the test is contravened when a member or a related party,… Continue Reading
Small Business Tax Concessions
Businesses that satisfy a certain turnover threshold may qualify as a small business entity. The advantages of being a small business entity includes access to a range of tax concessions including lower tax rates, depreciation concession, trading stock concession, as well as FBT and GST concessions. If you think your business is a small business… Continue Reading
Beware of clothing deductions this tax time
The ATO is cracking down on individuals making unsubstantiated and exaggerated claims for work-related clothing and laundry expenses. According to the ATO, clothing claims went up nearly 20% over the last 5 years and last year around 6 million people claimed expenses totalling nearly $1.8bn. In addition, around a quarter of all clothing and laundry… Continue Reading
Higher education debts – They follow you overseas!
It might seem like a horror movie cliché, a monster that follows you wherever you go, but did you know that your higher education debts under the Higher Education Loan program (HELP), Trade Support Loan (TSL) or the Higher Education Contribution Scheme (HECS) debts follow you wherever you go in the world? Prior to 2017,… Continue Reading
Contractor or Employee? The impact of UBER’s Fair Work case
In a huge win for the ride-sharing economy, the Fair Work Commission’s (FWC) deputy president has rejected an Uber driver’s claim that he was an employee of Uber, instead finding that there was no employment relationship between Uber and the driver and that as a result unfair dismissal laws did not apply. There is no… Continue Reading
Work related car expenses to be closely examined by the ATO
The Australian Taxation Office (ATO) has recently announced that they are closely examining claims for work-related car expenses during this upcoming lodgement period. Additional audit resources will be employed along with updated data analytics to scrutinise large car expense claims. What you can claim You are entitled to claim the costs of using your car… Continue Reading
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- 2026 Federal Government Budget
- Changes to deductibility of ATO interest charges
- 2025 Federal Government Budget
- 2024 Federal Government Budget
- 2023 Federal Government Budget
- Revised method for claiming working from home expenses
- October 2022 Federal Budget
- 2022 Federal Government Budget
- Professional firms – ATO compliance approach to allocation of profits
- NSW 2022 COVID-19 Business support
- NSW 2021 COVID-19 Micro-Business Grant
- NSW 2021 COVID-19 JobSaver Payment
- NSW 2021 COVID-19 Business Grant
- Greater Sydney COVID-19 Lockdown – What Government Support is Available?
- Be aware and get ready for the upcoming increases to superannuation guarantee payments!
- The COVID-19 tax relief measures and support available for your 2021 tax returns!
- Government Grants Currently Available!
- 2021 Federal Government Budget
- Utilising taxable losses against prior year profits!
- The Benefits of Annual Tax Planning
- Xero Updates – March 2021
- Setting sales targets in uncertain times
- New wages subsidy for employers of apprentices and trainees
- Is your SMSF breaching NALI rules unknowingly?
- 2020 Federal Government Budget
- Jobkeeper – Nominate Additional Employees
- New options for claiming home office expenses during COVID-19
- COVID-19 effects on rental property owners
- Risks involved in consolidating super
- JobKeeper Payment: Eligibility Tests Clarified!
- NSW Government’s Economic Stimulus Package
- Rent relief for Businesses: The Commercial Tenancies Code of Conduct
- JobKeeker Payment – Government Clarifies Employer Eligibility
- JobKeeper Payment – The Next Round of Government Support!
- Second Government Coronavirus Rescue Package
- Government’s Response to Coronavirus Outbreak
- The Super Guarantee Opt-out is In!
- Going, going, gone! Main Residence Exemption removed for Foreign Residents
- The Crowdfunding Craze – Implications for Promoters and Contributors
- An Update from the 2020 Xero Roadshow
- Tis the Season! Tax implications of Christmas festivities
- Land Tax or Land mine? Changes to NSW stamp duty and land tax for discretionary trusts
- $10,000 cash payment limit expected to take effect from 1 January 2020
- Superannuation Guarantee Amnesty legislation re-introduced
- GST on Imports – Are you optimising your Cash Flow?
- ForPurposeCo. – The epitome of social enterprise!
- “Where’s my refund?” and other questions about your 2019 Tax Return
- ABN registrations under scrutiny: does yours stack up?
- To SMSF, or not to SMSF?
- Traps of the CGT Main Residence Exemption
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