Personal services income explained Introduction The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the individual in their own name or...
Taken goods for private use? Here’s the latest values Introduction The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers, bakers, corner...
Tax issues when dealing with volunteers Introduction Tax issues when dealing with volunteers – From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensable workforce and support network...
Give yourself the ultimate gift this Christmas that doesn’t cost a thing – a super to-do list which is a gift that will benefit you now and in the future. Consolidate your super With over 10 million unintended multiple superannuation accounts, these multiple accounts...
How to reduce your income tax bill using superannuation Introduction Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be...
Inherited overseas home – and the CGT exemptions Introduction Young people who immigrated to Australia many decades ago are now, like other Australians, experiencing the death of their elderly parents and the inheritance of their assets – including the family home....
