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Tax Articles

Taxable Australian Property

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...

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TOFA

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...

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NANE Income

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...

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Exempt Income

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 Acts (Acts) or...

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Contractor vs Employee

Contractor vs Employee   An employee is an individual who works under the supervision of an employer as a representative of their business receiving in return wages or other remuneration. While...

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Employee Share Scheme

Employee Share Scheme

Employee Share Scheme     An employee share scheme (ESS) is a scheme under which shares, stapled securities or rights to acquire such shares or securities in a company (known as ESS...

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Intellectual Property

Intellectual Property   Intellectual property (IP) encompasses a range of intangible assets and rights held by a taxpayer. This includes rights held by a taxpayer as the owner or licensor of...

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Division 7A

Division 7A   Division 7A is a significant provision under the Australian tax law that plays a crucial role in ensuring the appropriate taxation of private company loans and payments made to shareholders and their associates. Enforced by the Australian Taxation...

TFN Withholding Tax

TFN Withholding Tax   TFN Withholding Tax refers to the process of withholding a portion of an individual's income when they have not provided their Tax File Number (TFN), Tax Exemption Number or Australian Business Number (ABN). This withheld tax is reported on...

Crypto Tax in Australia

Crypto Tax in Australia   Defining Crypto in Australia The Australian Taxation Office (ATO) does not provide a specific legal definition of crypto. However, it provides guidance on how crypto is treated for tax purposes. The ATO considers crypto a digital or virtual...

Luxury Car Tax

Luxury Car Tax   Luxury car tax (LCT) is a tax on purchasing or importing luxury vehicles that exceed a particular threshold value. The car's total value, which is used to assess the applicability of the tax, comprises several components. These include: the...

Self Education Expenses

Self Education Expenses   What are self education expenses?For tax purposes, self education expenses include: courses undertaken at an educational institution (whether leading to a formal qualification or not) courses provided by a professional or industry...

Tax Offset

Tax Offset   An income tax offset directly reduces the amount of tax payable on taxable income. A tax offset is also referred to as a tax rebate. It is important to note that while tax offsets can potentially reduce your payable income tax to zero, most offsets...

Division 293 Tax

Division 293   Division 293 tax is an extra superannuation tax imposed on taxpayers who earn more than $250,000 including superannation annually. Without division 293 tax, higher income earners receive a comparatively greater benefit from superannuation than...

Is Financial Advice Tax Deductible?

Is Financial Advice Tax Deductible?   What is financial advice? Financial advice refers to professional guidance qualified experts provide to individuals regarding their financial matters. This advice aims to help clients make informed decisions about investments,...

Deceased Estate Tax

Deceased Estate Tax   While there is no inheritance tax, estate tax or death tax in Australia, beneficiaries may still have tax obligations related to the assets they inherit. Capital gains tax Capital gains tax (CGT) is a tax imposed on the capital gain made from the...

Work from Home (WFH) Tax Deductions

Work From Home Tax Deductions     There are two ways to determine Work From Home (WFH) Tax Deductions: Actual cost method: This method allows you to claim a tax deduction based on the actual expenses you incur for working from home with reference to the...

Assessable Income

Assessable Income in Australia is defined as any amount that is ordinary income, an amount specified under income tax law as income. What does this mean?

Company Tax

What do you need to know about company tax in Australia? Read about establishment costs, share issuance, tax payable, and capital gains and losses.

Travel Tax Deductions

This article discusses in-depth the concept of travel tax deductions in Australia in line with the policies set forth by the Australian Taxation Office.

Entertainment Tax Deductions

Division 32 of the Income Tax Assessment Act 1997 (ITAA 97) contains the rules relating to entertainment tax deductions in Australia. What does it provide?

Car Tax Deductions

Car tax deductions in Australia are allowed provided substantiation rules are met. What do you need to know?

Investment Property Tax

This article discusses investment property tax in Australia in relation to negative gearing and its impact on capital gains tax. Read more.

Commercial Debt Forgiveness

There are rules that you need to remember when it comes to commercial debt forgiveness. What are they? Find out in this article.

Borrowing Costs

Section 25-25 of the Income Tax Assessment Act 1997 provides that Borrowing Expenses in Australia may be tax deductible. Find out how in this article.

Taxable Income

How do you determine taxable Income in Australia? This article provides a breakdown of the components of taxable income. Learn more about them.