It’s not quite Christmas time yet, but most businesses will be in the process of thinking ahead to the yuletide festivities, if not already into well-advanced planning. One of the perennial questions is if and how fringe benefits tax applies…
As many taxpayers will know, the maximum franking credit that can be allocated to a frankable distribution paid by a corporate tax entity is based on its applicable corporate tax rate for imputation purposes. This can differ from a corporate…
Click here for a pdf version of the article. Three-quarter FBT year compliance check-up As the FBT year runs from 1 April to 31 March, the months of October to December marks the “third quarter” of the FBT year, and…
Inbound tour operators and collecting, and remitting, GST A draft “practical compliance guideline” from the ATO deals with the requirement for “inbound tour operators” to collect and remit GST. An inbound tour operator is an Australian entity that enters into…
Ongoing engineering improvements in internal combustion motor production has resulted in a not-surprising trend — a drop in average fuel consumption. The following graph is sourced from Australian Bureau of Statistics (ABS) data and Parliamentary Budget Office (PBO) analysis. Average…
There have been cases where people believe the idle talk about being able to coerce a better tax outcome by applying for a private ruling from the ATO, but there are some sober facts that you may need to keep…
Say for example that we have already lodged your 2017-18 tax return and forwarded your notice of assessment to you saying that everything is as discussed, but you then realise that something has been left out of your return, or…
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 incorporated company. The allure of course is the lower tax rate that these can…
Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or “help-your-neighbour” initiatives. But increasingly these days crowdfunding is viewed as a viable source of seed…
Click here for a pdf version of this article. Crowdfunding and tax Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or “help-your-neighbour” initiatives. But…