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...
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...
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...
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...
Allocation of Professional Firm Profits The distribution of profits made by professional firms to the controllers of a business and their associates may present tax complications....
Testamentary Trust A testamentary trust is a trust that is established through a person’s last will and testament. Unlike discretionary or family trusts, which are typically created...
Hire Purchase Agreement What is a hire purchase agreement? A hire purchase agreement commonly refers to a contractual arrangement whereby a person or entity (the lessee) acquires from another...
