Your holiday house and family arrangements The Tax Office has formed views about disclosing income and claiming deductions where non-economic rental arrangements — that is, “mates rates” — occur involving the use of holiday homes. A similar approach is adopted…
Christmas party FBT checklist for business (1) An exemption for food and drink provided to employees (not associates) on a working day (only if actual basis is used). (2) Must be less than $300 (also only if actual basis for…
Small business owners should write in their diaries that from April 1, 2015, the rate of fringe benefits tax (FBT) will increase from 47% to 49%. It is planned to return to its present rate two years later. The rise…
Did you know… Some the strangest taxes on record Throughout history tax has been used to raise revenue, bring about social change, and strengthen governments. It has also made entire societies live quirky lifestyles in order to pay as little…
Age Pension: Do you fit the bill? Australians have a long history when it comes to age pension schemes. The first national pension scheme in Australia was formed in 1909 and provided the grand sum of £1 per fortnight for…
Audits – Overview With information sharing occurring more than ever these days, not only between the Tax Office and other government departments but also banks, financial institutions, online auction sites such as eBay and more, being targeted for a tax…
Your SMSF’s investment strategy The majority of people who set up their own SMSF say that “control” is a big reason for doing it. There is flexibility and benefits in running your own superannuation fund, but it is also a…
Up in the air: Airbnb and the Tax Office Global upstart Airbnb is leading a charge with what is best described as open-source citizen subcontracting. It’s a collectivist, internet-based concept whereby everyday people provide accommodation services as private entities on…
Regulatory Roundup – November 2014 Tax Office to probe overseas banks in expat audits Australian expats should prepare for a new round of Tax Office audit activity involving key banks like ANZ, a legal firm has warned. Cooper Grace Ward…
Solar panels for your business: Don’t forget the tax consequences If the prospect of punishing electricity bills continuing to arrive has led you to think about installing solar panels at your business premises, further considerations could include the fact that…