The ATO has announced that from February it is intending to contact a selection of business taxpayers that provide car parking benefits to their employees, and that use the market value method to arrive at a taxable value, to ensure these values have been calculated correctly. There are five ways that an employer can calculate...

Tax offsets (sometimes referred to as rebates) directly reduce the amount of tax payable on your taxable income. In general, offsets can reduce your tax payable to zero, but on their own they can’t get you a refund. There are two superannuation-related tax offsets for which you may be eligible. The Australian super income stream...

The First Home Super Saver (FHSS) scheme was introduced a couple of years ago with an aim to reduce pressure on housing affordability. The scheme allows eligible taxpayers to save money for their first home inside the superannuation system. The government says this concessionally taxed environment will help first home buyers save faster. How it...

Distributions from trusts and the taxation of those distributions is complex. This is an attempt to simplify the topic. The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from the income that flows from the assets....

For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include realising assets and making other changes to ownership, but...

From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there are many hundreds of volunteers propping...

Access our Wallace Partners Client Information Newsletter February 2020 below: Wallace Partners CIN February 2020

In the Federal Budget last April, the Government announced it would make changes to the tax treatment of testamentary trusts, and an exposure draft of amendments was released by Treasury at the start of the current quarter. The assessable income of a minor from a distribution from a testamentary trust is taxed at ordinary rates,...

Draft rules supporting the new currency restriction legislation have been released by Treasury. The legislation bans the use of cash for some transactions of more than $10,000, and has been passed by the House of Representatives. The Currency (Restrictions on the Use of Cash) Rules 2019 specifies, among other things, the transactions that will generally...

There is a simple step that many businesses can take to better manage the risk that can attach to certain assets Not so many years ago, a new scheme was introduced, which also established a national register, that could affect anyone who answers “yes” to any of the following scenarios — are you in business,...