What if you base tax planning on expected changes to the tax law, but it doesn’t happen? While naturally the best advice for most taxpayers would be to not act on an anticipated change to the rules until the official…
Finally, SMSF trustees can get some assurance of doing the right thing. The ATO has released guidance on the arm’s length terms (commonly known as the “safe harbour” terms) when an SMSF acquires an asset under limited recourse borrowing arrangements…
Now that summer has come and gone, the ATO has been active in issuing reminders about the taxation issues surrounding holiday homes. The fact the ATO issues reminders is a sure sign that the topic is continuing to be a…
Providing fringe benefits goes hand-in-hand with the task of retaining good and loyal employees as well as attracting new talent for your business. However the types of benefits provided can sometimes relieve the compliance headache. Now that we have entered…
Salary packaging is one way for an organisation to increase the take-home pay of its employees — and if done correctly, at no extra cost to the business but with a tax advantage to the employee. What’s salary packaging? Basically,…
Once we have lodged your latest activity statement, you may realise that something has been left out or you have neglected to include a particular item. The Australian tax system is based on “self assessment”, which means the ATO generally…
FBT exemptions under the radar Providing fringe benefits goes hand-in-hand with the task of retaining good and loyal employees as well as attracting new talent for your business. However the types of benefits provided can sometimes relieve the compliance headache.…
FBT rates and thresholds: Changes for 2016-17 Now that the new FBT year is firmly underway, the ATO has released the rates and thresholds for the 2016-17 FBT year. And remember, we’ve just entered the final year where the FBT…
Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”. You have…
Such is the very real threat nowadays of identity theft that the ATO has set up a Client Identity Support Centre (find it here) to help taxpayers who have had their identities stolen or misused. The ATO says it will…