With the advent and steady growth of the self-managed superannuation fund (SMSF) sector, superannuation professionals are steeped in discussion about financial services automation and where it will lead. Some believe automated advice will be the next huge innovation, but it’s…
The undercover employee The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation of an employee as a contractor by businesses. The mischief from the Tax Office’s point of view is the…
Yes, you can claim GST credits for employee reimbursements If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or…
Got a tax complaint? Talk to the Inspector-General, not the Ombudsman The way in which people complain about the Tax Office and Tax Practitioners Board (TPB) has changedeffective May 1, 2015. From that date most tax complaints will need to…
The taxation of employment termination payments An employment termination payment (ETP) is generally a lump sum amount paid to an employee upon termination of their employment.Depending on the type of ETP, the employee’s age and years of service, the amount…
Did you know… Tax on tips and gratuities 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 accounts for tax on…
The income tax implications of property lease incentives Lease incentives are commonly used by landlords to entice tenants to enter into a lease. The most common type of lease incentive relates to new tenancies in commercial buildings. These inducements can…
Tax Office continues to target online sellers Many taxpayers will have noticed that “pre-filling” has become much more widespread, which is only possible due to the amount of financial information that is able to be accessed by the Tax Office.…
Is a weak dollar a bad or a good thing? The Aussie dollar has traditionally taken the role of slightly-poorer cousin to the US dollar, and until 2010 the last time the Australian dollar was equal pegged with its US…
Many taxpayers will have noticed that “pre-filling” has become much more widespread, which is only possible due to the amount of financial information that is able to be accessed by the Tax Office. Each year the government’s revenue collection arm…