by wladvisory | Feb 26, 2020 | Monthly Tax Updates
A draft ruling has been issued (TR 2019/D7) that is yet to pass Parliament, which sets out when an employee can deduct transport expenses under section 8-1. This includes the cost of travel by airline, train, taxi, car, bus, boat or other vehicle. It is generally the... 
by wladvisory | Feb 6, 2020 | Monthly Tax Updates
Tax file numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many practitioners and ordinary self-preparers won’t give it a second thought when tax return software responds with an “invalid” when a TFN is entered. The common thought... 
by wladvisory | Jan 28, 2020 | Monthly Tax Updates
Law Companion Ruling LCR 2019/5 deals with the passive income threshold and other issues within the Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Act 2018 that limits access to the lower corporate tax rate. From the 2017-18... 
by wladvisory | Nov 6, 2019 | Monthly Tax Updates
The ATO has released TR 2019/D6, which provides the ATO’s preliminary view on the application of para 8-1(2)(a) of the ITAA 1997 to labour costs related to the construction or creation of capital assets. This draft ruling applies to taxpayers incurring labour... 
by wladvisory | Oct 18, 2019 | Monthly Tax Updates, Tax News
What types of legal expenses are tax deductible? When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in... 
by wladvisory | Sep 9, 2019 | Monthly Tax Updates
The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims made, and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to...