Australians have been taking full advantage of the offerings on the digital marketplace with gusto for years now, but it has only been relatively recently that the rules for goods and services tax (GST) have caught up. With the purchase of digital products such as the streaming or downloading of movies, apps, and e-books and...

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment. If the PAYG withholding rules require a business to withhold an amount from a payment that...

Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the “same business” test. The same business test is relevant in a number of contexts, but most particularly in determining if a company is eligible to claim deductions for past year losses, current...

Access our Wallace Partners Client Information Newsletter February 2019 below: Wallace Partners CIN March 2019

Access our Wallace Partners Client Information Newsletter February 2019 below: Wallace Partners CIN February 2019

SG on leave loading? Yes, and no — so it pays to check An issue has surfaced in recent times that in some cases may require a change in the approach taken by some employers with regard to them being fully compliant with superannuation guarantee obligations. The problem for some may not be so much...

From 1 July this year employers with 20 or more employees will report to the ATO in real time from their payroll software. The changeover to Single touch payroll (STP) is a gradual change, and some employers may start reporting later. Employers will be able to see STP information they report through the ATO’s business portal,...

For more than two years now (from 1 July 2016) two key tax incentives have been available for investors considering putting their money behind qualifying start-up businesses — or as the ATO has dubbed them, early stage innovation companies (ESICs). The incentives provide eligible taxpayers who invest in new shares in an ESIC with: a non-refundable carry...

The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services to their fund, which results in minimising or even avoiding tax altogether on that income. The ATO says these arrangements typically display all or most of...

A perennial topic regarding tax deductions is claiming expenses for a car. The following notes summarise the most salient points when it comes to claiming a deduction for motor vehicle expenses. Of course every person’s circumstances may be different, but the following covers most of the relevant information. Key points to keep in mind include:...