Articles

CGT - Capital Gains Tax

CGT Event K5

CGT Event K5 What is CGT Event K5? CGT Event K5 deals with special collectable losses. It applies where all the...

CGT Event E9

CGT Event E9 What is CGT Event E9? CGT Event E9 is where a taxpayer receives a payment for agreeing to...

CGT Event E8

CGT Event E8 What is CGT Event E8? CGT Event E8 broadly involves a situation where a beneficiary under a...

CGT Event E7

CGT Event E7 What is CGT Event E7? CGT Event E7 is where the trustee of a trust disposes of a CGT asset of the...

CGT Event E3

CGT Event E3 What is CGT Event E3? CGT Event E3 is when a trust (not a unit trust) which holds a CGT asset is...

CGT Event E2

CGT Event E2 What is CGT Event E2? CGT Event E2 involves a situation where a taxpayer transfers a CGT asset to...

CGT Event C3

CGT Event C3 What is CGT Event C3? CGT Event C3 involves a situation where a company or the trustee of a unit trust...

CGT Event K6

CGT Event K6 What is CGT Event K6? Typically, capital gains tax is not applicable when a CGT event happens to a CGT...

CGT Event K2

CGT event K2 What is CGT event K2? If applicable, CGT Event K2 enables a taxpayer who has become bankrupt the...

CGT Event C2

CGT event C2 What is CGT event C2? CGT Event C2 is where a taxpayer’s ownership of an intangible CGT asset ends...

SUPERANNUATION

Income Stream Commutation

Income Stream Commutation Voluntarily Commuting an Income Stream Income stream commutation rules are outlined in...

Total Superannuation Balance

Total Superannuation Balance What is Total Superannuation Balance?Total superannuation balance is the method used to...

Transfer balance cap

Transfer Balance Cap What is the transfer balance cap? The transfer balance cap imposes a limit on the amount of...

Income stream

When a superannuation fund member satisfies a condition of release such as retirement, they may start to make...

Super Death Benefit

Super Death Benefit A superannuation death benefit is a payment from a super fund to a person or to a trustee...

First Home Super Saver Scheme

First Home Super Saver Scheme The First Home Super Saver Scheme (FHSS Scheme) was launched to help individuals...

Ordinary Time Earnings

Ordinary Time Earnings What is ordinary time earnings? Ordinary time earnings (OTE) is the amount paid to...

Super Contributions

Super Contributions Super guarantee contributions Employers are required to pay super guarantee (SG) contributions...

Departing Australia Superannuation Payment

Departing Australia Superannuation Payment What is a Departing Australia Superannuation Payment (DASP)? Special...

Super Guarantee Charge

Super Guarantee Charge The superannuation guarantee charge (SGC) is applied where an employer fails to meet...

GST - Goods and Services Tax

GST and Health Services

GST and Health Services GST Free medical services In the Australian GST context, medical services assume a distinct...

GST on Food

GST on Food To determine the GST status of a food or beverage, it's important to first establish whether it...

GST and Cars

GST and Cars What is a car for GST purposes? For the purpose of GST, a car is defined as a motor vehicle designed to...

GST and Exports

GST and Exports GST is a 10% tax applied to most goods, services, and other items sold or consumed within the...

GST on Imports

GST on Imports GST (Goods and Services Tax) applies to most goods imported into Australia, making them taxable...

GST Withholding

GST Withholding Buyers of new residential premises or potential new residential land are required to pay the...

GST

GSTGST (Goods and Services Tax) is a consumption tax ultimately paid by the end consumer at the rate of 10% on the...

GST and Property Development

GST liability There is only a liability for GST where: an enterprise is being carried on, the annual turnover is at...

Income Tax

Bonus Payment & Tax

Bonus Payment & Tax This article focuses on the tax treatment of bonuses paid to employees. As commissions...

Allowance vs Reimbursement

Allowance vs Reimbursement It’s important to distinguish between payments which are allowances versus...

Hybrid Mismatch Rules

Hybrid Mismatch Rules The hybrid mismatch rules are broadly designed to prevent taxpayers from exploiting...

Unpaid Present Entitlement (UPE)

Unpaid Present Entitlement (UPE) What is present entitlement? The term present entitlement broadly...

Bad Debt

Bad Debt What is a Bad Debt?A bad debt refers to money owed to a person from a customer or debtor that cannot...

Private Ruling

Private Ruling A private ruling is written advice from the Australian Taxation Office (ATO) about the way...

Part IVA

Part IVA What is Part IVA? Part IVA of the Income Tax Assessment Act of 1936 contains the income tax general...

Debt and Equity Rules

Debt and Equity Rules There are broadly two major categories of funding available to a business: debt funding...

Everett Assignment

Everett Assignment What is an assignment?An assignment involves an entity or individual (the assignor)...

Business Commencement & Closure Deductions

Business Commencement & Closure Deductions The most common way a taxpayer will be eligible for a deduction...

Accounting

General Ledger

General Ledger What is a General Ledger? A general ledger is a fundamental tool used in accounting to maintain a...

General Journal

General Journal What is a General Journal? A general journal is a systematic record of a company's financial...

Owners Equity

Owners Equity What is Owners Equity?Owner's equity represents the residual interest in an entity's assets after...

Chart of Accounts

Chart of Accounts What is a Chart of Accounts? A Chart of Accounts (COA) is essentially a comprehensive list of...

Trial Balance

Trial Balance What is a Trial Balance? A trial balance is like a financial checkpoint for an entity's accounting...

Double Entry Accounting

Double Entry Accounting What is Double Entry Accounting? Double entry accounting, also known as double entry...

Accounting Equation

Accounting Equation What is the Accounting Equation? The accounting equation, also referred to as the balance sheet...

Net Income

Net Income What is Net Income?Net income is essentially the financial conclusion of a business operations over...

Gross Income

Gross Income What is Gross Income? Gross income is the total amount of money an entity earns before any deductions...

Gross Profit

Gross Profit What is Gross Profit? Gross profit refers to the earnings generated by a business after...

FBT - Fringe Benefits Tax

Exempt Fringe Benefits

Exempt Fringe Benefits An exempt benefit, often referred to as an “exempt fringe benefit,” is a type of benefit...

Living Away From Home Allowance (LAFHA)

Living away from home allowance A Living Away From Home Allowance (LAFHA) is a type of allowance given to an...

Housing Fringe Benefit

Housing Fringe Benefit A housing fringe benefit occurs when an employee is offered a place to live without...

Car FBT

Car FBT A car fringe benefit occurs when an employer offers an employee the opportunity to use a vehicle for...

Salary Sacrifice / Packaging

Salary Sacrifice / Packaging What is Salary Sacrifice / Packaging? Salary sacrifice (aka salary packaging), is when...

Fringe Benefits Tax (FBT)

Fringe Benefits Tax The Fringe Benefits Tax Assessment Act 1986 (“FBT Act”) provides that where a benefit is...

SMSF - Self managed super

SMSF Borrowing

SMSF Borrowing Advantages of borrowing for SMSF property investment Some of the potential advantages of borrowing...

SMSF Bare Trust

SMSF Bare Trust What is an SMSF Bare Trust? A Bare Trust is a simple yet effective legal arrangement used...

NALI

NALI What is NALI? Under the tax law, SMSFs must transact on an arm’s length basis. The purchase and...

How to Live in Your SMSF Property

How to Live in Your SMSF Property Superannuation law permits SMSF trustees to purchase property via their...

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

SMSF An SMSF (Self Managed Superannuation Fund) is a private superannuation fund that you manage...

Business

Shares What are Ordinary Shares? Ordinary shares, often referred to as common stock, are units of equity ownership...