Articles
CGT Event C1 – C2 – C3
What is CGT event C1? CGT event C1 involves a situation where a taxpayer owns a CGT which becomes lost or destroyed....
Goodwill (CGT)
Goodwill is commonly known as the attractive force of a business that brings in its customers. The exact definition of...
CGT Event J2-J5-J6
CGT events J2, J5 and J6 are invoked in situations where a taxpayer utilises the small business CGT roll-over...
CGT Event G3
What is CGT Event G3? CGT event G3 is relevant where an appointed liquidator or administrator makes a declaration that...
CGT Rollover Relief – Relationship Breakdown
A taxpayer is subject to capital gains tax where a CGT event happens to a CGT asset they own. When it comes to...
CGT event K4
What is CGT event K4? CGT event K4 addresses a situation where a taxpayer that holds a CGT asset on capital account...
CGT Event I1
What is CGT event I1? CGT event I1 addresses a situation where an individual or company owns CGT assets and ceases...
CGT Event G1
What is CGT event G1? CGT event G1 addresses a situation where a company makes certain payments to a shareholder. ...
CGT Event K3
What is CGT event K3? CGT event K3 addresses a situation where a taxpayer becomes deceased and a CGT asset that...
CGT Event A1
What is CGT event A1? CGT event A1 addresses a situation where a taxpayer disposes of a CGT asset. A taxpayer...
Income Stream Commutation
Basic Considerations for a Member Voluntarily Commuting an Income Stream Income stream commutation rules are outlined...
Total Superannuation Balance
What is Total Superannuation Balance? Total superannuation balance is the method used to value an individual’s total...
Transfer balance cap
What is the transfer balance cap? The transfer balance cap imposes a limit on the amount of capital that can be held...
Income stream
When a superannuation fund member satisfies a condition of release such as retirement, they may start to make...
Super Death Benefit
A superannuation death benefit is a payment from a super fund to a person or to a trustee of a deceased estate after...
First Home Super Saver Scheme
The First Home Super Saver Scheme (FHSS Scheme) was launched to help individuals save for their first home by allowing...
Ordinary Time Earnings
What is ordinary time earnings?OTE is the amount paid to employees for their ordinary hours of work. OTE includes...
Super Contributions
Types of super contributionsEmployers are required to pay super guarantee (SG) contributions for their employees. For...
Departing Australia Superannuation Payment
What is a Departing Australia Superannuation Payment (DASP)?Special taxation arrangements exist in Australia for...
Super Guarantee Charge
The superannuation guarantee charge (SGC) is applied where an employer fails to meet super guarantee obligations...
GST and Health Services
GST Free medical servicesIn the Australian GST context, medical services assume a distinct role by being categorized...
GST on Food
To determine the GST status of a food or beverage, it's important to first establish whether it falls within the...
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 transport less...
GST on Exports
GST is a 10% tax applied to most goods, services, and other items sold or consumed within the country (the indirect...
GST on Imports
GST (Goods and Services Tax) applies to most goods imported into Australia, making them taxable importations....
GST Withholding
Buyers of new residential premises or potential new residential land are required to pay the GST owing on the purchase...
GST
GST (Goods and Services Tax) is a consumption tax ultimately paid by the end consumer at the rate of 10% on the supply...
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...
Hybrid Mismatch Rules
The hybrid mismatch rules contained in Division 832 of the Income Tax Assessment Act 1997 (Cth) commenced effect in...
Unpaid Present Entitlement (UPE)
The term present entitlement broadly refers to the right of a beneficiary to a share of trust income. The present...
Bad Debt
A bad debt refers to money owed to a person from a customer or debtor that cannot be recovered. The meanings of bad...
Private Ruling
A private ruling is written advice from the Australian Taxation Office about the way taxation law may apply to a...
Land Tax
What is Queensland Land Tax? Land tax in Queensland is a state imposed tax assessed annually based on the freehold...
Part IVA
Part IVA of the Income Tax Assessment Act of 1936 contains the income tax general anti-avoidance rule (GAAR). The GAAR...
Debt and Equity Rules
What is debt funding and equity funding? There are broadly two major categories of funding available to a business:...
Everett Assignment
What is an assignment? An assignment involves an entity or individual (the assignor) transferring contractual rights...
Business Commencement and Closure Deductions
The most common way a taxpayer will be eligible for a deduction on business related expenditure is by satisfying the...
Taxable Australian Property
A foreign resident of Australia for tax purposes is generally only subject to Australian tax on Australian sourced...
General Ledger
What is a General Ledger? A general ledger is a fundamental tool used in accounting to maintain a detailed record of...
General Journal
What is a General Journal? A general journal is a systematic record of a company's financial transactions arranged in...
Owners Equity
What is Owners Equity? Owner's equity represents the residual interest in an entity's assets after deducting all...
Chart of Accounts
What is a Chart of Accounts? A Chart of Accounts (COA) is essentially a comprehensive list of all the financial...
Trial Balance
What is a Trial Balance? A trial balance is like a financial checkpoint for an entity's accounting system. It's a...
Double Entry Accounting
What is Double Entry Accounting? Double entry accounting, also known as double entry bookkeeping, is a method of...
Accounting Equation
What is the Accounting Equation? The accounting equation, also referred to as the balance sheet equation, serves as a...
Net Income
What is Net Income? Net income is essentially the financial conclusion of a business operations over a given period,...
Gross Income
What is Gross Income? Gross income is the total amount of money an entity earns before any deductions or taxes are...
Gross Profit
What is Gross Profit? Gross profit refers to the earnings generated by a business after subtracting the expenses...
Exempt Fringe Benefits
What are exempt fringe benefits?An exempt benefit, often referred to as an "exempt fringe benefit," is a type of...
Living Away From Home Allowance (LAFHA)
What is a living away from home allowance?A Living Away From Home Allowance (LAFHA) is a type of allowance given to an...
Housing Fringe Benefit
A housing fringe benefit occurs when an employee is offered a place to live without charging them rent or at a lower...
Car FBT
A car fringe benefit occurs when an employer offers an employee the opportunity to use a vehicle for personal reasons,...
Salary Packaging – Salary Sacrifice
What is salary packaging? Salary packaging (aka salary sacrifice), is when an employee sacrifices salary for non cash...
Fringe Benefits Tax (FBT)
The Fringe Benefits Tax Assessment Act 1986 (“FBT Act”) provides that where a benefit is provided by an employer to an...
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
Superannuation law permits SMSF trustees to purchase property via their SMSF, subject to several strict rules (see...
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 Bitcoin
SMSF bitcoin is now becoming a more popular choice for investors. But what do you need to know before investing? Read this article.
SMSF
An SMSF (Self Managed Superannuation Fund) is a private superannuation fund that you manage yourself. It is a legal...
Best Entrepreneurial Cities in Australia
Does the location of your startup determine how successful it will be? Absolutely. The nearer you are to your...
Voluntary Administration
What is Voluntary Administration? Voluntary administration is a strategic approach taken by companies facing...
Receivership
What is Receivership? Receivership is a legal process used by secured creditors to recover debts from a debtor...
Insolvency
What is Insolvency? Insolvency occurs when a company or person faces such significant financial difficulties that they...
Shares
What are Ordinary Shares? Ordinary shares, often referred to as common stock, are units of equity ownership issued by...
Unsecured Creditor
What is a Creditor? A creditor is an individual or entity to whom a company owes money. This financial obligation can...
Secured Creditor
What are Secured Creditors? Secured creditors are individuals or institutions that have lent money to a company with...
Liquidation
What is Liquidation? In Australia, liquidation refers to the procedure for wrapping up a company's operations,...
ABN & ACN
ABN vs ACNABN and ACN are two separate identification numbers with different obligations. The primary difference...
Corporate Collective Investment Vehicle
What is a corporate collective investment vehicle?A Corporate Collective Investment Vehicle (CCIV) is a newly...
