A private ruling is written advice from the Australian Taxation Office about the way taxation law may apply to a particular taxpayer arrangement (a scheme), including a proposed future arrangement....
Tax Articles
Land Tax
What is Queensland Land Tax? Land tax in Queensland is a state imposed tax assessed annually based on the freehold land possessed as of midnight on June 30 each year. Freehold land refers to land...
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 anti-avoidance rules contained in...
Debt and Equity Rules
Contents What is debt funding and equity funding? The taxation of debt arrangements versus equity arrangements The rules for classifying arrangements as debt or equity for taxation purposes...
Everett Assignment
Contents What is an assignment? What is an Everett assignment? What is the tax advantage of an Everett assignment? What about assignments dissimilar to Everett type assignments? Allowable...
Business Commencement and Closure Deductions
Contents Introduction Pre Commencement Expenditure Closure Related Expenditure Specific Deductions Blackhole Expenditure Small Business Entity Immediate Deduction Introduction The most common way a...
Taxable Australian Property
A foreign resident of Australia for tax purposes is generally only subject to Australian tax on Australian sourced income. However, when it comes to capital gains tax, a foreign (tax) resident will...
TOFA
Contents What is TOFA? Entities required to comply with TOFA rules Opting for the TOFA (division 230) framework What are financial arrangements? Determining profits and losses from financial...
NANE Income
Contents What is NANE income? Why income is classified as NANE Key categories of NANE income Exclusions from NANE income What is NANE income? Non assessable non exempt income (NANE) refers to...