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...
TOFA
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Tax Articles
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...
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...
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...
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...
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...
Allocation of Professional Firm Profits
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
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
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...
