How testamentary trusts work
A testamentary trust works in tandem with a will, and is similar to a discretionary trust, with the major difference being it only takes effect upon the death of the person who made the will. The trust can be funded…
Macy
Franchising and tax
The Australian Competition & Consumer Commission (ACCC) is the government body responsible for enforcing the Franchising Code of Conduct, and if you or someone you know are considering entering into a franchise arrangement, this will probably be a good starting…
Company directors: Do you REALLY know your responsibilities?
As though business owners and principals don’t already have enough on their minds, discussion about the ups and downs of the business environment is being heard around the barbecue again — just to add to the list of excuses for…
Regulatory Roundup – May 2018
Taxing digital products and low value goods to change When the GST Act and Regulations were drafted in 1999, e-commerce was in its infancy – it was not fully envisaged that people would prefer to shop from the comfort of…
Duties and taxes when you buy online from overseas
Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also the usual duties or taxes should apply. Customs duties are…
Tax invoice essentials
The status of the humble invoice took on immense significance in the year 2000 when the goods and services tax (GST) was introduced. It was a big year for the country, with Sydney hosting that year’s Olympics in the last…
SMSF commutation requests: How to get the green light from the ATO
The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review. With recently introduced superannuation rules…
Crackdown on “other” work related expenses, and inquiry into tax deductibility
It seems that the ATO will be taking a dim view (or dimmer, this year) of the abuse of work related expense claims for individual taxpayers. The total value of such claims rose to a record $21.2 billion in 2017,…
Dealing with tax and renting via Airbnb
Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”,…
Bitcoin: Its place in your wallet or SMSF portfolio
While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but…