Category: Taxation
RAT and PCR Tests – favourable tax treatment for employers
Finally, some good COVID-19 news (at least on the tax front) for employers! Ever since the arrival in Australia of the Omicron variant in late 2021, the recommended test for detecting COVID has been the rapid antigen test (RAT). Indeed, for some employees, returning a negative RAT has been an ongoing condition of returning to...
Cashflow Forecasts
Now more than ever businesses should consider preparing cashflow forecasts. According to the Australian Bureau of Statistics, half of all small to medium businesses fail in the first three years of operation. The Australian Securities and Investment Commission states that poor cash flow is cited as a factor in 40% of business failures. Indeed, as...
Bonus Articles, Tax and Property Price Increases
With residential property values on a sharp upward trajectory, from a tax standpoint, what does this mean for owners and investors of this style of dwelling? Introduction Domain’s End of Year Wrap revealed that in 2021, Australian house prices rose an astonishing 21.9%, the fastest annual rate of growth on record! Viewed through a taxation...
Topping up your concessional contributions
Thinking about making up for lost time and making extra contributions to top up your super? The good news is that the “catch-up” concessional contribution (CC) rules can help individuals who feel they have missed out on building their retirement savings to make extra before-tax contributions. Remember, CCs can include super guarantee contributions from your...
What does Temporary Full Expensing (TFE) of assets mean for me?
As Australia looks to get back to work and continue its recovery, the Temporary Full Expensing (TFE) measures are available to support business and encourage investment. Eligible businesses can claim an immediate deduction for the business portion of the cost of most assets in the year they are first used or installed ready for use....
Single Touch Payroll 2: The time has come
In the May 2019 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information, building on the first stage of STP which was made compulsory for most employers from 1 July 2019. For background, the STP regime is a government initiative which is designed to reduce an employer’s...
Taxpayer’s rights – need for greater clarification?
The Inspector-General of Taxation and Taxation Ombudsman (IGTO) recently released a report into the effectiveness of the ATO’s communications of taxpayer rights to complain, review and appeal. The report – titled Investigation into the effectiveness of ATO communications of taxpayers’ rights to complain, review and appeal – emphasised that these rights (which are set out...
Becoming the executor of a deceased estate
There comes a time in many people’s lives when they are appointed the executor of a deceased estate. Even in the simplest of estates, though, the responsibilities involved can be quite onerous – and getting things wrong can make even the executor personally liable. It’s therefore normally recommended to get professional assistance with this task....
CGT retirement exemption where gain is made by a company or trust
Applying the “Retirement Exemption” in the CGT Small Business Concessions can be quite difficult – particularly where a company or trust makes the capital gain and the exemption is sought to be applied for the benefit of individual shareholders in the company or beneficiaries in the trust. In this case, the rules in s 152-325...
CGT on sales of property inherited by a foreign resident
Is there CGT when a property inherited from a foreign resident is sold? Am I liable for CGT on a home I inherited from a foreign resident when I sell it one year later? The following scenario demonstrates how the CGT rules work in this situation. I have just inherited my uncle’s home. He purchased...