The Australian Taxation Office (ATO) is committed to educating taxpayers on how to protect themselves against tax scams and identity theft. It says that up to the end of last financial year, $2.7 million was handed over to fraudsters, with…
Limited recourse borrowing arrangements (LRBAs) were once all the rage in SMSF land. However, with the tightening of banking rules this frenzy has begun to abate somewhat over the last few years. LRBAs are great in a growing market as…
The superannuation rules stipulate that an employee’s earnings base must be the amount on which minimum superannuation contributions are payable to avoid the superannuation guarantee charge (SGC). This earnings base is determined as “ordinary time earnings” (OTE). In general terms,…
Whether a sale of property is subject to GST will be dependent on a number of factors. The sale of real property must be made in the course or furtherance of an enterprise before it is brought into the GST…
A novated lease is a popular way for employers to reward and incentivise their staff. Through a salary sacrifice arrangement that includes a novated lease, employees are provided with a vehicle and can also reduce their personal tax liability. However,…
As a tax concept, “entertainment” can be relevant not only to fringe benefits tax (FBT), but also to income tax and even goods and services tax (GST). For a business, whether a business expense is “entertainment” will generally also determine…
Click here for a pdf version of this article The ins and outs of “entertainment” business deductions As a tax concept, “entertainment” can be relevant not only to fringe benefits tax (FBT), but also to income tax and even goods…
Square-peg expense won’t fit in a round-hole deduction? It could be a D15 Now and then you may be required to look around for a suitable item on your tax return to place an expense that simply doesn’t “fit” in…
Travel allowances are paid to employees where in some cases the period away from home is less than 21 days, and in others, more than 21 days. Typically employees are: – paid standard travel allowance for accommodation and food –…
Christmas will be here before we know it, with smarter business owners already planning their end-of-year festivities. Celebrating the season can be team-building or just a bit of fun, but the well-prepared business owner will also know that a little…