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Some money is not counted as ‘income’ by the ATO
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. Although some of these amounts may...
Managing your superannuation transfer balance account
Most people think of retirement as a time to put your feet up and relax, but it can also be a time when pre-retirees and retirees alike actually...
JobMaker hiring credit: What you need to know
The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until...
New Director Identification Number regime could be just around the corner
The Director Identification Number (DIN) regime may have been lost in many business owners’ peripheral vision, or even dropped off the radar...
The ins (and outs) of personal services income
It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or...
Natural disasters and help with your tax
Now that we are into bushfire season, and even flooding events have already occurred, it is perhaps timely to be reminded that as well as the more...
Taking advantage of the superannuation guarantee amnesty may have one last hurdle
At the time when the superannuation guarantee amnesty measure ran its course (it expired 7 September 2020), the Assistant Minister for...
Single touch payroll: When your reporting can cease
A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has...
Getting a tax valuation from the ATO
Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that...
Claiming interest expenses for rental properties
Interest is a common deduction claimed by taxpayers. Generally, interest is seen as being inherently deductible where it is incurred in gaining or...
Company loss carry back measure explained
The Background The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from the...
New residential property and GST reporting obligation
New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO is...
What the “full expensing” write-off deduction means for business
The Federal Budget measure of allowing businesses to fully write-off eligible assets is a boon to Australian businesses, even though the measure is...
2020 Federal Budget – impact on individuals and businesses
We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and...
JobKeeper extension eligibility (updated)
JobKeeper rules, conditions and payment rates have changed Legislation has been put in place to extend the JobKeeper scheme beyond its original...
COVID-19 payments and some issues for companies and trusts
With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust...
Rental Property: Tax Approach Adjusts for COVID-19
The COVID-19 pandemic has placed property owners, and tenants in many cases, in unfamiliar territory. Many tenants have been paying reduced rent or...
NSW Discretionary Trust and Land Tax Surcharge
In NSW, surcharge purchaser duty applies to acquisitions of NSW residential land by foreign persons, and surcharge land tax applies to foreign...
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