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...
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...
Everett Assignment What is an assignment? An assignment involves an entity or individual (the assignor) transferring contractual rights and benefits to another entity or individual (the...
Business Commencement & Closure Deductions The most common way a taxpayer will be eligible for a deduction on business related expenditure is by satisfying the criteria of section 8-1 of...
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...
