Independent contractors can be individuals, partnerships, trusts, companies, or other entities that provide services to others for a fee. Where independent contractors are individuals who carry out work for a business, there can sometimes be uncertainty about whether the contractor is, in fact, an employee of that business. To avoid this uncertainty and future […]
Closing Loopholes: Sham Arrangements Read More »
The controversial case of the taxpayer who claimed a loss on their home A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return
Your Knowledge – January 2024 Read More »
NALE: Trustees trapped in nightmare of new expense rules What is being forgotten is that the goal behind the change was to target SMSFs that enter borrowing arrangements with related parties on non-arm’s-length terms. New non-arm’s-length expense (NALE) rules have become an administrative nightmare for self-managed super fund trustees and advisers. They were introduced
SMSF & NALE: The good, bad and ugly Read More »
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Assistance and benefits provided due to COVID-19 Motor vehicle problem areas Mismatched FBT and income tax amounts Business assets personally used by owners and staff Not lodging FBT returns Salary sacrifice
FBT 2022: What you need to know Read More »
How to set up your Director ID Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a
Divorce, Superannuation and the Gender Divide New legislation will help prevent superannuation assets from being hidden during divorce proceedings. From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court. The recently enacted laws are designed to ensure that there is
ATO shifts to Digital ATO moves to electronic lodgement of BAS & PAYGI The ATO has recently announced that taxpayers will now receive and need to lodge their activity statements electronically, and paper activity statements will no longer be accepted. Activity statements must now be lodged electronically through one of the following channels: Business Portal
ATO Shifts to Digital for BAS and PAYGI Read More »
$1,500 JobKeeper Subsidy A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn). Important Dates: From 30 March 2020 for six months For employees employed at and from 1 March 2020 First payments in
Jobkeeper Subsidy and Jobseeker update Read More »
The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March.
The Second $66.1 bn Stimulus Package: What You Need To Know Read More »
The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy. For business Business investment Increase and extension of the instant asset write-off Accelerated
COVID-19 Stimulus Package: What You Need To Know Read More »
