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%. Assumes a single individual...
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...
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...
TOFA TOFA (Taxation of Financial Arrangements) is a tax framework that focuses on taxing the gains and losses from financial transactions based on their actual economic impact, rather than just...
NANE Income Non assessable non exempt income (NANE) refers to specific types of income that are defined by tax laws or other Commonwealth legislation in Australia as being neither subject to...
Exempt Income What is exempt income? Exempt income means any amount of ordinary income or statutory income that is not subject to taxation due to specific provisions in the Income Tax Assessment...
