by wladvisory | Mar 24, 2020 | Tax News
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes... 
by wladvisory | Mar 6, 2020 | Tax News
The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets. A trust is not a legal entity. It is best described as a... 
by wladvisory | Jan 6, 2020 | Tax News
The ATO, after consultation and collaboration with business taxpayers and industry representatives, has developed what it calls a “safe harbour” mechanism for calculating car fringe benefits under the operating cost method. In ATO parlance, a safe harbour is a... 
by wladvisory | Dec 23, 2019 | Tax News
Gifts provided to employees or their associates — that gold, frankincense and myrrh you picked up at the Black Friday sales — will typically constitute a property fringe benefit and therefore are subject to FBT unless the minor benefit exemption applies. Gifts, and... 
by wladvisory | Nov 26, 2019 | Tax News
The ATO has appealed to the Full Federal Court against the decision in the matter of Addy v Commissioner of Taxation [2019] FCA 1768. This is the case that found that a taxpayer was not subject to the “backpackers tax” basically due to the operation of an article... 
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...