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 25, 2019 | Super, Tax News
The ATO’s Deputy Commissioner, Superannuation and Employer Obligations, James O’Halloran, has announced in a speech to the Australian Institute of Superannuation Trustees (AIST) that with the ATO’s new STP-enabled “unprecedented level of visibility” of... 
by wladvisory | Apr 6, 2019 | Monthly Tax Updates, Tax News
Gifts provided to employees or their associates will typically constitute a property fringe benefit and therefore are subject to FBT unless the minor benefit exemption applies (any item valued at $300 or less is exempt from FBT). And while gifts provided to clients... 
by wladvisory | Mar 3, 2019 | Monthly Tax Updates, Tax News
Companies are not entitled to a refund of franking tax offsets, however they may be able to convert them to carried forward losses in subsequent years. Companies are able to choose the amount of prior year losses they wish to deduct, after first having offset losses... 
by wladvisory | Feb 10, 2019 | Monthly Tax Updates, Tax News
The starting point in understanding any complex tax rules (or any complex material for that matter) is usually to understand the “rational” and/or basic “principle” behind the rules. In this case, that basic principle is to deny the CGT discount (in full or part) to a... 
by wladvisory | Jan 24, 2019 | Monthly Tax Updates, Tax News
Up until the end of the 2014-15 income year, certain costs incurred by businesses that were starting up were able to be deducted over five years. This was set out in section 40-880(2), and allowed a five-year straight-line write-off for a number of specific types of...