Articles

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

Contents Capital gains tax   The interplay between roll over relief and the main residence exemption   The interplay...

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

What is CGT event G1?   CGT event G1 addresses a situation where a company makes certain payments to a shareholder.  ...

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

What is CGT event A1?   CGT event A1 addresses a situation where a taxpayer disposes of a CGT asset.   A taxpayer...

CGT Event D1 and C2

CGT event D1 concerns the creation of contractual or other rights in another entity. Conversely, CGT event C2 concerns...

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

What is CGT Event E4?   CGT event E4 establishes a trigger for capital gains tax in a situation where a payment is...

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...

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...

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...

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

Contents What is a Departing Australia Superannuation Payment (DASP)? DASP eligibility Finding your superannuation...

Super Guarantee Charge

Contents Who is an employee for SGC purposes? Ordinary time earnings SGC requirements How to calculate SGC Late...

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...

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

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...

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

Contents What is debt funding and equity funding? The taxation of debt arrangements versus equity arrangements The...

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...

Exempt Income

Contents What is exempt income? Exclusion of ordinary income from assessable income Consequences of exemption Exempt...

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...

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)

Contents What is a living away from home allowance? Living away from home allowance versus travel allowance...

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

Contents What is salary packaging? How does FBT work? Packaging FBT exempt benefits Otherwise deductible benefits...

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

Contents Purchase and usage Myth Retirement Transfer of ownership Considerations Investing in property through an SMSF...

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

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...

Shares

Contents Ordinary Shares  Preference Shares Dividend Access Shares What are Ordinary Shares?  Ordinary shares, often...

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 ...

ABN & ACN

ABN vs ACNABN and ACN are two separate identification numbers with different obligations. The primary difference...

Corporate Collective Investment Vehicle

Contents What is a corporate collective investment vehicle? The deeming principle CCIV Sub Fund Trusts as Separate...