Articles
ATO crackdown on TPAR lodgments
The ATO has reminded relevant taxpayers to lodge their Taxable Payments Annual Report (TPAR) by the annual deadline or...
ATO Motor vehicle data matching program extended
The ATO has extended the motor vehicles data matching program once again to encompass the 2022-23 to 2024-25 financial...
ATO launches refreshed Charter
Following the announcement of a review of its Charter (previously known as the Taxpayers’ Charter) in September 2022,...
Get ready for your TPAR
You will need to lodge a TPAR if your business made payments in the last financial year (ie the one ending 30 June...
More ATO data matching for 2023 tax time
Taxpayers beware, this tax time, the ATO will be using all its data matching capabilities in multiple areas to ensure...
Reporting changes coming for the Not-for-Profits sector
A significant change is coming in terms of administration of the not-for-profits sector, in that for the 2023-24...
Small business lodgment amnesty reminder
The ATO has reminded eligible small business taxpayers to take advantage of the lodgment penalty amnesty program...
Beware of scams this tax time
In a sign of just how bad scams have gotten, the Assistant Treasurer and Minister for Financial Services, Stephen...
STP Phase 2: avoid common mistakes
Single Touch Payroll (STP) was introduced as a way for employers to send super and tax information directly to the ATO...
Stage 3 tax cuts: rates and offsets
Despite the calls to scrap the already legislated stage 3 tax cuts, the government did not announce any changes in the...
Small Business Entity
An entity is a small business entity if it: carries on a business, and satisfies the $10 million aggregated turnover...
Share Buyback Tax
What is a share buyback? A share buyback involves a company purchasing its own shares from shareholders. The company...
Tax on Options
What is an option?The grant of an option over a specified asset essentially provides the grantee with a right to...
Taxation of Special Lease Payments
It is common for a lessor (landlord) or lessee (tenant) to make special payments to the other in respect of lease...
Small Business CGT Concessions – Disposal of Shares or Trust Interests
The topic of this article concerns a niche but very commonly questioned aspect of the the small business CGT...
Small Business Restructure Rollover
It is very common for a small business to restructure to facilitate growth or adapt to commercial needs. By...
Buy Sell Agreement – CGT Implications
Owners of a business (including family businesses) can plan for the proper succession of their business on the death...
Property Development – CGT or Income Tax?
It’s not uncommon for landowners of decent sized blocks to release their land’s potential by subdividing and selling...
CGT Events
IN THIS ARTICLE What is a CGT event? Sale or disposal of asset Loss, theft or destruction of asset All CGT events What...
Deceased estates and CGT: disposal of dwelling
The ATO has recently updated its practical compliance guideline on how the CGT main residence exemption may apply in...
Employee Share Scheme
What is an Employee Share Scheme?An employee share scheme (ESS) is a scheme under which shares, stapled securities or...
Intellectual Property
What is Intellectual Property?Intellectual property IP encompasses a range of intangible assets and rights held by a...
Allocation of Professional Firm Profits
The distribution of profits made by professional firms to the controllers of a business and their associates may...
Testamentary Trust
What is a Testamentary Trust?A testamentary trust is essentially a trust that is established through a person's last...
Hire Purchase Agreement
What is a hire purchase agreement?A hire purchase agreement commonly refers to a contractual arrangement whereby a...
Unit Trust
A trust is a legal relationship established through a trust deed, involving two essential parties: a trustee and...
Family Trust
What is a Family Trust?A family trust, also known as a discretionary trust in Australia, is a legal arrangement...
Tax on Compensation
Compensation PayoutsThere are many forms of compensation payouts which may be awarded to taxpayers. This can include...
Tax Consolidation
If your business is a company that owns 100% of another company, trust or partnership, tax consolidation is an option...
Working Holiday Maker
Who is a Working Holiday Maker?To be considered a working holiday maker (WHM) in Australia, a person must hold one of...
Cash vs Accrual Accounting
This article discusses cash vs accrual accounting as accounting methods, provides a case study, and offers tips on which method is suited for your business.
5 Ways to Partner with Your Accountant
This article discusses 5 ways to partner with your accountant and enhance your business’s financial performance.
How to Choose an Accountant
There are a number of issues to consider when choosing an accountant. Some issues will be more important than others,...
Small Business Financial Reports
As a small business owner, it is important that you review your financial reports at least twice a year, but...
FBT Rebate
What is the FBT Rebate? The FBT (Fringe Benefits Tax) rebate is a benefit offered to certain organisations, known as...
Exempt Fringe Benefits
What are Exempt Fringe Benefits?An exempt benefit, often referred to as an "exempt fringe benefit," is a type of...
Residual Fringe Benefit
What is a Residual Fringe Benefit?A residual fringe benefit is a type of fringe benefit that occurs when an employer...
Reportable Fringe Benefits
What are Reportable Fringe Benefits?Reportable fringe benefits for employees are additional perks or benefits that you...
Property Fringe Benefit
Defining a Property Fringe Benefit Property fringe benefits refer to non-monetary benefits provided by employers to...
Entertainment FBT
What is Entertainment for FBT Purposes?Entertainment for Fringe Benefits Tax (FBT) purposes includes the provision of...
Loan Fringe Benefit
Loan Fringe BenefitWhat is a loan fringe benefit? A loan fringe benefit involves an employer (or an associate or...
Living Away From Home Allowance (LAFHA)
IN THIS ARTICLE Living Away From Home Allowance Versus Travel Allowance Determining Eligibility for a Living Away From...
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,...
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
Investing in property through an SMSF has grown in popularity in recent years, particularly since it became possible...
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.
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.
Partnership
What is a Partnership?Partnerships are a common form of business structure that has been around for a long time,...
Pty Ltd Company
What Does Pty Ltd Mean?When a company is designated as Pty Ltd, or a proprietary limited company, it signifies that it...
Director Penalty Notice
With the ATO sending more than 200 director penalty notices (DPNs) out each week to company directors this paper...
Company Liquidation Process
The lingering COVID-19 pandemic, rising interest rates and rocketing inflation are all contributing to a significant...
Australian Business Number (ABN)
What is an Australian Business Number (ABN)? An Australian Business Number (ABN) is a unique 11 digit identifier...
Director penalties
What are director penalties? A company director becomes personally liable for the company's unpaid amounts of: pay as...
Succession Planning for Small Business
If you have started a business and things are running smoothly, then you may want to think about what would happen in...
Business Tax Record Keeping
You are legally required to keep records of all transactions relating to your tax and superannuation affairs as you...
Asset Protection
Asset protection is one of the most important issues when considering wealth building. How tragic it is when people...
Business Structures
This article is an overview of the most common business structures for small to medium-sized businesses in Australia....
International Businesses – GST
International businesses that have sales connected to Australia over a certain threshold may need to register and pay...
GST and Health Services
IN THIS ARTICLE GST free Medical Services Non-Medical Health Services: GST Implications Identifying the Recipient in...
Does GST apply to crypto assets?
As digital currency becomes more common-place in a business context both in terms of trading and using such assets for...
GST on Food
To determine the GST status of a food or beverage, it's important to initially establish whether it falls within the...
GST and Cars
In this article What is a Motor Vehicle for GST purposes Non-Car Vehicles GST Implications of Buying a Motor Vehicle...
Financial Supplies
If you engage in financial supplies, it is important that you actively report relevant information about these...
GST on Exports
For exports, the Goods and Services Tax (GST) in Australia works differently. GST is a 10% tax applied to most goods,...
GST on Imports
GST (Goods and Services Tax) applies to most goods imported into Australia, making them taxable importations....
GST Withholding
Relatively new rules require buyers of new residential premises or potential new residential land to pay the GST owing...
GST Accounting Methods
When it comes to accounting for GST (goods and services tax), there are two options: cash basis and non cash basis...
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...
Super Fund
What is a super fund? A superannuation fund is simply a form of trust designed to provide retirement or death benefits...
Ordinary Time Earnings
Use this list to work out which payments count as ordinary time earnings (OTE) or salary and wages for super...
Super Contributions
Making extra superannuation contributions is a great way to boost your retirement savings. Even small amounts add up...
Departing Australia Superannuation Payment
What is a Departing Australia Superannuation Payment (DASP)?Special taxation arrangements exist in Australia for...
Super Guarantee Charge
The super guarantee charge (SGC) is relevant where an employer fails to meet super guarantee obligations either by...
Super – Conditions of Release
For many individuals, their superannuation is their largest source of savings. So when can you access your super? The...
Superannuation Lump Sum
IN THIS ARTICLE Super lump sums Components of a super lump sum Working out the withholding amount Rollovers...
Superannuation Rules
Superannuation rules seem to change regularly. If you are an SMSF trustee, you should be aware of these changes. Here’s what you need to know.