Individual Income Tax Rates Plus Medicare Levy These rates apply to individuals who are Australian residents for tax purposes and INCLUDE the Medicare levy of 2%. See Individual Income Tax Rates...
Bonus Payment & Tax This article focuses on the tax treatment of bonuses paid to employees. As commissions are essentially treated the same as bonuses for tax purposes, this article also...
Allowance vs Reimbursement It’s important to distinguish between payments which are allowances versus reimbursements. The character of an amount as an allowance or a reimbursement has...
Hybrid Mismatch Rules The hybrid mismatch rules are broadly designed to prevent taxpayers from exploiting differences in the operation of the tax laws of 2 or more countries by way of a...
Unpaid Present Entitlement (UPE) What is present entitlement? The term present entitlement broadly refers to the right of a beneficiary to a share of trust income. The present...
Bad Debt What is a 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 and debt are worth addressing in further...
Private Ruling A private ruling is written advice from the Australian Taxation Office (ATO) about the way taxation law may apply to a particular taxpayer arrangement (a scheme), including a...
Part IVA What is Part IVA? Part IVA of the Income Tax Assessment Act of 1936 contains the income tax general anti-avoidance rule (GAAR). The GAAR operates alongside a number of other specific...
Debt and Equity Rules There are broadly two major categories of funding available to a business: debt funding and equity funding. From a basic legal point of view and in the context of...
