Articles

Estate planning considerations

Estate planning is a complex area which requires careful consideration of tax implications. Many issues that affect...

Revised stage 3 tax cuts now law

Now that the revised stage 3 tax cuts have passed all stages of Parliament and received Royal Assent, the new rates...

Refresher on deductibility of self education expenses

The ATO has released a ruling which consolidates and updates its previous rulings (now withdrawn) on its view of the...

Employee vs contractors – new rules

Following on from two prominent High Court decisions in Construction, Forestry, Maritime, Mining and Energy Union v...

Are you receiving PSI?

Personal Services Income (PSI) generally only applies to individuals that receive more than 50% of their ordinary or...

Stage 3 Tax Cuts – Changes

The talk about the stage 3 tax cuts has reached fever pitch recently. The changes were originally legislated by the...

Holiday home not genuinely available for rent

In the holiday season, some people head to their holiday home to celebrate with family or friends or to let their...

ATO data matching – directors and officeholders

The ATO has announced a data-matching program which will acquire officeholder data from ASIC, the Office of the...

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...

Company profits tax-free scheme: ATO warning

The ATO has recently issued a Taxpayer Alert warning that it is reviewing arrangements where an individual taxpayer...

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

Contents What is CGT event G1?   What time does the CGT event happen?   Who does the CGT event apply to?   How is the...

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

Contents What is CGT event A1?   The time of CGT event A1  How to calculate the capital gain or capital loss?  ...

CGT Event D1 and C2

Contents CGT Event D1 What causes CGT event D1 to be triggered?   At what time does the CGT event happen?   How to...

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

Contents What is CGT Event E4?   What Time Does the CGT Occur?   How is the Capital Gain Calculated   Discounting the...

Life interest – Right to reside

The tax consequences of creating a life interest and a right to reside are set out in Taxation Ruling 2006/14. In...

Scrip for Scrip Rollover

Contents Eligibility Significant stakeholders Common stakeholders Impact of rollover on shareholders (original...

Small Business Entity

Contents Satisfying the $10 million aggregated turnover test Meaning of aggregated turnover Meaning of annual turnover...

Trust Law and Trust Tax

Contents What is the Income of the Trust Estate?   What is the Net Income of the Trust?  The Interaction of Income of...

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

What is TOFA?TOFA (Taxation of Financial Arrangements) is a tax framework that focuses on taxing the gains and losses...

NANE Income

What is NANE income? Non assessable non exempt income (NANE) refers to specific types of income that are defined by...

Exempt Income

What is Exempt Income?Exempt income means any amount of ordinary income or statutory income that is not subject to...

Contractor vs Employee

When hiring workers, it is critical to classify if a worker is an employee or contractor. If an employer classifies...

Employee Share Scheme

Contents What is an employee share scheme? ESS – Employer’s perspective Employer obligations ESS– Employee’s...

Intellectual Property

Contents What is intellectual property? Entitlement to a deduction for the payment of rights to use ip? Is income...

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...

Financial Ratios

 Contents What are Financial Ratios?  How a Business Uses Financial Ratios  How Analysts and External Stakeholders Use...

Retained Earnings

Contents What is Retained Earnings?  Components of Retained Earnings  How to Calculate Retained Earnings Significance...

COGS (Cost of Goods Sold)

Contents What is COGS?  Which Expenses Are Excluded from COGS?  How To Calculate COGS How Inventory Costing Methods...

Amortisation

Contents What is Amortisation?  Commencement and Cessation of Amortisation  Choosing the Amortisation Method  Choosing...

Depreciation

Contents What is Depreciation? How Depreciation Works Recognition of Depreciation How to Determine Depreciable Amount...

FBT Rebate

Contents What is the FBT rebate? Who qualifies for the FBT rebate? Entities not eligible for the FBT rebate FBT rebate...

Exempt Fringe Benefits

Contents What are exempt fringe benefits? Transport exemptions: private use of cars Dual cab vehicles: work related...

Residual Fringe Benefit

Contents What is a residual fringe benefit? Timing of receiving residual fringe benefits Taxable value of residual...

Reportable Fringe Benefits

Contents What are reportable fringe benefits? Benefits subject to reporting Excluded fringe benefits Pooled or shared...

Property Fringe Benefit

Contents Defining a property fringe benefit Taxable value of a property fringe benefit Taxable value for in house...

Entertainment FBT

Contents What is entertainment for FBT purposes? Meal entertainment fringe benefits Taxable value of meal...

Loan Fringe Benefit

Contents Loan fringe benefit Taxable value of a loan fringe benefit Reduction in taxable value Debt waiver fringe...

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

Contents What does accommodation mean? Steps to take when providing a housing fringe benefit Taxable value of the...

Car FBT

Contents Exemptions from fringe benefits tax Distinguishing private use from business use Private usage and FBT...

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 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.

ACN vs ABN

When starting a business, it is important that you understand the things that need to be done. You need to register...

Corporate Collective Investment Vehicle

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

Joint Venture

What is a joint venture?A joint venture is a cooperative business arrangement formed by two or more entities with the...

Partnership

Contents What is a partnership? Types of partnerships Who can be a partner? Steps to start a partnership Pros and cons...

Pty Ltd Company

Contents What is a pty ltd company? Advantages of a pty ltd company Disadvantages of a pty ltd company Steps to set up...

Director Penalty Notice

Contents What is a Director Penalty Notice? Why is a DPN issued? A DPN must be given Types of DPNs Corrective action –...

Company Liquidation Process

Contents Roles – directors, creditors, liquidators Proceed distribution What happens next? If a liquidator seeks to...

Australian Business Number (ABN)

Contents What is an australian business number (ABN)? Significance of an ABN How to apply for an ABN ABN For...

Asset Protection

Contents Bankruptcy Marriage breakdown Separating assets from risk Protective structures Asset protection is one of...

Business Structures

Contents Sole Trader Partnership Company Trust Combination of entities This article is an overview of the most common...

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...

Financial Supplies

Contents What are financial supplies Non financial institutions making financial supplies Claiming input tax credits...

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 Accounting Methods

Contents Cash basis accounting for GST Accounting for GST on a non-cash basis Simplified GST accounting methods for...

BAS

Contents How to lodge and pay your BAS How you lodge affects how you receive statements Deadlines for lodging and...

GST Adjustment

Contents Reporting GST adjustments  GST adjustments for sales GST adjustments for purchases Unaccounted sales and...

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...

Bring forward non concessional contributions

Contents The bring forward rule for non concessional contributions What is total super balance? Tax planning...

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...

Superannuation tax

A superannuation fund that is a complying superannuation fund will be taxed under the regime primarily contained in...

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...

Super Fund

What is a super fund?A superannuation fund is a type of trust designed to provide retirement or death benefits for its...

Ordinary Time Earnings

What is ordinary time earnings?OTE is the amount paid to employees for their ordinary hours of work. OTE includes...