Articles
CGT Event E3
CGT Event E3 CGT Event E3 happens when a trust (not a unit trust) which holds a CGT asset is converted to a...
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 an...
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 Typically, capital gains tax is not applicable when a CGT event happens to a CGT asset acquired prior to...
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...
CGT Event C1
CGT event C1 What is CGT event C1? CGT event C1 involves a situation where a taxpayer owns a CGT asset which becomes...
CGT Event B1
CGT event B1 What is CGT event B1? CGT event B1 involves a situation where a taxpayer enters into an agreement with...
CGT Event H2
CGT Event H2 What is CGT Event H2? CGT Event H2 involves a situation where an act, transaction or event occurs in...
CGT Event E1
CGT Event E1 What is CGT Event E1? CGT Event E1 deals with a situation where a taxpayer creates a trust over a CGT...
Income Stream Commutation
Income Stream Commutation Voluntarily Commuting an Income Stream Income stream commutation rules are outlined in...
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
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 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...
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 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
What is an assignment? An assignment involves an entity or individual (the assignor) transferring contractual rights...
Business Commencement & Closure Deductions
Business Commencement & Closure Deductions The most common way a taxpayer will be eligible for a deduction...
Taxable Australian Property
Taxable Australian Property A foreign resident of Australia for tax purposes is generally only subject to...
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
Accounting Equation What is the Accounting Equation? The accounting equation, also referred to as the balance sheet...
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
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...
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...
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...
Joint Venture
Joint Venture A joint venture is a cooperative business arrangement formed by two or more entities with the...
