There’s a saying that many share market investors may have already heard: Don’t let the tax tail wag the investment dog. In other words, the best advice for your share portfolio is to base your decisions on investment merit, not…
Providing morning and afternoon teas and light refreshments to employees (or their “associates”) at the employer’s business premises or work site is tax-deductible to the employer. The same applies if the business provides such refreshments to visitors. The Australian Taxation…
Taxing children’s savings accounts: Whose money is it? Back in the 1980s, people could reduce tax by havingtheir money in bank accounts belonging to their kids. In 1988, the Tax Office intervened for its position by issuing guidance. Thanks to…
Leaving Australia for work? Beware of your tax residency status Thousands of Australians head offshore each year to expand their horizons and a lucky few will fund their adventure by working overseas. Some may live overseas and work for an…
R&D Tax Incentive claims in focus The Tax Office warns that it is working closely with Aus Industry to identify taxpayers involved in aggressive R&D Tax Incentive arrangements. It says some claims made for the R&D incentive have been negligent…
Work-related expenses in the firing line With Tax Time 2015 in full swing, the Tax Office has flagged that it will pay particular attention to work-related expenses. It says it’s an area that adds up to about $19.5 billion in…
Cash economy: The ATO has its own idea about your living expenses The ramifications of Australia’s “cash economy” is a pebble in the Tax Office’s shoe that it is constantly looking to dislodge. One of the tools that it has…
What is a Tax Office public ruling and how can it help? The Tax Office can issue public rulings that provide guidance on the interpretation of various tax laws. Public rulings generally deal with priority issues that have been found…
The Tax Office has revised its guidance on the taxing of profits made by certain professional firms. In particular, it is concerned about the risk of arrangements that on the surface comply with tax law but are intentionally designed to…
How to give your SMSF a boost in retirement While providing income for retirement is the obvious purpose of a pension paid from a self-managed superannuation fund (SMSF), there are some issues to consider before drawing a pension from your…