Hand in your own till? Beware Division 7A Business owners of private companies often borrow money from their own companies for all sorts of reasons. However there is an area of the tax law that seeks to sanction against situations…
A profit that arises from the carrying out of a profit-making undertaking or plan (that is, one with a profit-making intention) will be assessable as statutory income where the proceeds of the profit-making undertaking or plan are not otherwise assessable…
Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any…
Have you ever gone to pay for your coffee or lunch and saw the tip jar at the local café counter, and wondered how (or if) the business and/or its staff accounts for tax on that money? Depending on a…
Click here for a pdf version of this article. Tax and Christmas party planning 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…
Changes to the depreciation of intangible assets Business taxpayers will know that asset depreciation is an important aspect to their business’s tax health and longevity. However the importance, and revenue generation role, of knowledge-based or intangible assets has become much…
Tax file numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many taxpayers won’t give it a second thought when tax return software responds with an “invalid” when a TFN is entered. The…
After waiting for what seems like an eternity, the government has finally put to Parliament its proposed legislation around two of its proposed schemes, the First Home Super Saver and Contributing the proceeds of downsizing to superannuation. This legislation is…
If your remuneration, including reportable fringe benefits and salary sacrificed superannuation contributions is in excess of $250,000 per annum, you may have an additional tax liability over and above the normal income tax payable on such earnings.. Now that would…
A business becomes liable for fringe benefits tax where it provides car parking benefits in the form of a car parking facility for more than four hours on its premises to its employees, and the relevant car parking facility is…