Articles
CGT event K4
Contents What is CGT event K4? Who does the CGT event apply to? What time does the CGT event happen? How to make a...
CGT Event I1
Contents What is CGT event I1? What time does CGT event I1 occur? How to calculate the capital gain or loss? ...
CGT Event G1
Contents What is CGT event G1? What time does the CGT event happen? Who does the CGT event apply to? How is the...
CGT Event K3
Contents What is CGT event K3? The basic tax rule for assets passing to a beneficiary of a deceased estate What...
CGT Event A1
Contents What is CGT event A1? The time of CGT event A1 How to calculate the capital gain or capital loss? ...
CGT Event D1 and C2
Contents CGT Event D1 What causes CGT event D1 to be triggered? At what time does the CGT event happen? How to...
Forex Tax
Contents Foreign Exchange Gains and Losses Division 775 of the ITAA 1997 FRE 1 – FRE 8 Alterations to above rules ...
CGT Event E4
Contents What is CGT Event E4? What Time Does the CGT Occur? How is the Capital Gain Calculated Discounting the...
Life interest – Right to reside
The tax consequences of creating a life interest and a right to reside are set out in Taxation Ruling 2006/14. In...
Scrip for Scrip Rollover
Contents Eligibility Significant stakeholders Common stakeholders Impact of rollover on shareholders (original...
Income Stream Commutation
Contents Basic Considerations for a Member Voluntarily Commuting an Income Stream The Requirements to Voluntarily...
Total Superannuation Balance
Contents What is Total Superannuation Balance? How is Total Superannuation Balance Calculated? Strategies to Manage...
Bring forward non concessional contributions
Contents The bring forward rule for non concessional contributions What is total super balance? Tax planning...
Transfer balance cap
Contents What is the transfer balance cap? What is a retirement phase account? What is an individual’s transfer...
Income stream
Contents Minimum standards applicable to an income stream Tax outcomes When does the income stream end? Super fund...
Superannuation tax
A superannuation fund that is a complying superannuation fund will be taxed under the regime primarily contained in...
Super Death Benefit
Contents Taxation of death benefits to dependant Taxation of death benefits to non dependant Death benefits paid to...
First Home Super Saver Scheme
Contents Eligibility and conditions FHSS determination Failure by individual to enter into contract to purchase or...
Super Fund
What is a super fund?A superannuation fund is a type of trust designed to provide retirement or death benefits for its...
Ordinary Time Earnings
What is ordinary time earnings?OTE is the amount paid to employees for their ordinary hours of work. OTE includes...
GST and Health Services
Contents GST Free medical services Non-medical health services: GST implications Identifying the recipient in health...
GST on Food
Contents Items excluded from the definition of food Application of GST in the food supply chain GST free food items...
GST and Cars
Contents What is a car for GST purposes? GST and car purchases GST and car sales GST and car expenses Record keeping...
Financial Supplies
Contents What are financial supplies Non financial institutions making financial supplies Claiming input tax credits...
GST on Exports
Contents Export of goods: GST free treatment and timeframe GST free treatment for exports of services and other items...
GST on Imports
Contents GST collection for taxable importations Exempt importations: goods not subject to GST Tax considerations for...
GST Withholding
Contents Which transactions? How much to withhold? When to withhold and remit? Seller reporting obligations Buyer...
GST Accounting Methods
Contents Cash basis accounting for GST Accounting for GST on a non-cash basis Simplified GST accounting methods for...
BAS
Contents How to lodge and pay your BAS How you lodge affects how you receive statements Deadlines for lodging and...
GST Adjustment
Contents Reporting GST adjustments GST adjustments for sales GST adjustments for purchases Unaccounted sales and...
Bucket Company
Contents What is a Bucket Company? How Does a Bucket Company Work? Tax Efficiency Through Trust Profits Base Rate...
Base Rate Entity
Contents What is a Base Rate Entity? Base Rate Entity Passive Income What is a Base Rate Entity? Base rate entities...
Debt and Equity Rules
Contents What is debt funding and equity funding? The taxation of debt arrangements versus equity arrangements The...
Company Residency
Contents Context The definition of a company tax resident Central management and control Complications presented by...
Trust Law and Trust Tax
Contents What is the Income of the Trust Estate? What is the Net Income of the Trust? The Interaction of Income of...
Everett Assignment
Contents What is an assignment? What is an Everett assignment? What is the tax advantage of an Everett assignment? ...
Business Commencement and Closure Deductions
Contents Introduction Pre Commencement Expenditure Closure Related Expenditure Specific Deductions Blackhole...
Taxable Australian Property
A foreign resident of Australia for tax purposes is generally only subject to Australian tax on Australian sourced...
TOFA
Contents What is TOFA? Entities required to comply with TOFA rules Opting for the TOFA (division 230) framework What...
NANE Income
Contents What is NANE income? Why income is classified as NANE Key categories of NANE income Exclusions from NANE...
General Ledger
Contents What is a General Ledger? Key Components of a General Ledger Categories of General Ledger Accounts How...
General Journal
Contents What is a General Journal? Structure of a Standard Journal Entry General Journal vs Special Journal Types...
Owners Equity
Contents What is Owners Equity? Key Components of Owners Equity How to Calculate Owners Equity Statement of Owners...
Chart of Accounts
Contents What is a Chart of Accounts? How Does a Chart of Accounts Work? What Are the Different Types of Accounts...
Trial Balance
Contents What is a Trial Balance? What is Included in a Trial Balance? How to Prepare a Trial Balance? Why is a...
Double Entry Accounting
Contents What is Double Entry Accounting? How Does Double Entry Accounting Work? Key Steps To Set Up a Double Entry...
Accounting Equation
Contents What is the Accounting Equation? What is the Purpose of the Accounting Equation? Balancing the Accounting...
Net Income
Contents What is Net Income? Why Net Income is Important How to Calculate Net Income Net Income versus Profit...
Gross Income
Contents What is Gross Income? Calculation of Gross Income Gross Income vs Net Income Why Gross Income is...
Gross Profit
Contents What is Gross Profit? How to Calculate Gross Profit What is Gross Profit Margin? Gross Profit on the...
FBT Rebate
Contents What is the FBT rebate? Who qualifies for the FBT rebate? Entities not eligible for the FBT rebate FBT rebate...
Exempt Fringe Benefits
Contents What are exempt fringe benefits? Transport exemptions: private use of cars Dual cab vehicles: work related...
Residual Fringe Benefit
Contents What is a residual fringe benefit? Timing of receiving residual fringe benefits Taxable value of residual...
Reportable Fringe Benefits
Contents What are reportable fringe benefits? Benefits subject to reporting Excluded fringe benefits Pooled or shared...
Property Fringe Benefit
Contents Defining a property fringe benefit Taxable value of a property fringe benefit Taxable value for in house...
Entertainment FBT
Contents What is entertainment for FBT purposes? Meal entertainment fringe benefits Taxable value of meal...
Loan Fringe Benefit
Contents Loan fringe benefit Taxable value of a loan fringe benefit Reduction in taxable value Debt waiver fringe...
Living Away From Home Allowance (LAFHA)
Contents What is a living away from home allowance? Living away from home allowance versus travel allowance...
Housing Fringe Benefit
Contents What does accommodation mean? Steps to take when providing a housing fringe benefit Taxable value of the...
Car FBT
Contents Exemptions from fringe benefits tax Distinguishing private use from business use Private usage and FBT...
Bare Trust
Contents What is a Bare Trust? Legal and Beneficial Interests in the Asset Structure Financial and Borrowing...
Non Arm’s Length Income
Under the law, SMSFs must transact on an arm’s length basis. The purchase and sale price of fund assets should reflect...
How to Live in Your SMSF Property
Contents Purchase and usage Myth Retirement Transfer of ownership Considerations Investing in property through an SMSF...
SMSF Insurance
Is SMSF insurance something you should be considering? The discussion in this article will help you decide. Read now.
SMSF Property Investment
With SMSF property investment, you can buy residential or commercial property. But before you do, what do you need to know? This article provides a discussion.
SMSF Borrowing for Property
What do you need to know about SMSF borrowing for property purposes? This article provides some insights. Read now.
SMSF Pension
If you are considering SMSF pension, then you need to know your options, the standards, and rules. This article discusses all of those and more. Read now.
SMSF Trustee
For one to become a SMSF trustee, there are considerations as to eligibility requirements, ownership, and succession planning. Read about these in this short article.
SMSF Investment Strategy
It’s a legal requirement to have an SMSF investment strategy. But before you plan for it, what do you need to know first? Find out in this article.
SMSF Audit
You may not be allowed to audit but there are options available to you as a trustee when it comes to SMSF Administration. Learn what these are in this article.
Voluntary Administration
Contents What is Voluntary Administration? Key Reasons to Opt for Voluntary Administration The Process of Voluntary...
Receivership
Contents What is Receivership? Causes of Receivership Duration of a Receivership How a Company is Affected During...
Insolvency
Contents What is Insolvency? Signs of Insolvency Types of Insolvency The Insolvency Processes Difference Between...
Preference Shares
Contents What are Preference Shares? Classification of Preference Shares Key Things to Consider When Buying...
Dividend Access Shares
Contents What are Dividend Access Shares? Documentation Tax Implications Practical Applications Risks and...
Ordinary Shares
Contents What are Ordinary Shares? Regulatory Framework for Ordinary Shares Rights Attached to Ordinary Shares ...
Unsecured Creditor
Contents What is a Creditor? What is an Unsecured Creditor? Common Scenarios Leading to Unsecured Debts Position in...
Secured Creditor
Contents What are Secured Creditors? Rights of Secured Creditors in Case of Default Importance of the Personal...
Liquidation
Contents What is Liquidation? Purpose of Liquidation Types of Liquidation Key Steps in the Liquidation Process ...
Company Director
Contents What is a Company Director? Who is Eligible to be a Company Director? Eligibility Requirements for...