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Business news and views from Accountancy Group

Contractor or employee?

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns.

Where there is a written contract, the rights and obligations of the contract need to support that an independent […]

By |5 February, 2024|Business|Comments Off on Contractor or employee?

Can my SMSF invest in property development?

Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that often […]

By |2 February, 2024|Property Investment, SMSF|Comments Off on Can my SMSF invest in property development?

Stage 3 personal income tax cuts redesigned

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.

After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. […]

By |2 February, 2024|Tax|Comments Off on Stage 3 personal income tax cuts redesigned

Tax on super balances above $3m hits Parliament

Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.

While not a concern for the average worker,if enacted, those with significant property or other illiquid assets in their superannuation fund are most at risk, for example farmers and business operators who own their business […]

By |18 December, 2023|Superannuation, Tax|Comments Off on Tax on super balances above $3m hits Parliament

The key influences of 2024

Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences.

Inflation and labour supply

RBA Governor Michelle Bullock stated,“Inflation is past its peak and heading in the right direction, but it is likely to […]

By |15 December, 2023|Finances|Comments Off on The key influences of 2024

Bah humbug: The Christmas tax dilemma

Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season. 

1. Keep team gifts spontaneous

$300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result […]

By |14 December, 2023|Business, Tax|Comments Off on Bah humbug: The Christmas tax dilemma

The Controversial case of the taxpayer who claimed a loss on their home

A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.

In this case, the taxpayer successfully […]

By |12 December, 2023|Property, Tax|Comments Off on The Controversial case of the taxpayer who claimed a loss on their home

When is food GST-free?

Chobani plain yogurt is GST-free but Chobani’s ‘flip’ range is taxable? A recent case before the AAT demonstrates how fine the dividing line is between GST-free and taxable foods.

Back in 2000 when the Goods & Services Tax (GST) was first introduced, basic food was excluded to secure the support of […]

By |12 November, 2023|Tax|Comments Off on When is food GST-free?

Fixed-term employment contracts limited to 2 years

From 6 December 2023, employers can no longer employ an employee on a fixed-term contract that:

is for 2 or more years(including extensions)may be extended more than once,oris a new contract:that is for the same or a substantially similar role as previous contractswith substantial continuity of the employment relationship between the […]

By |12 November, 2023|Business|Comments Off on Fixed-term employment contracts limited to 2 years

Warning: Redrawing investment loans

The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue. A big part of the problem is how taxpayers are claiming interest on their investment property loans.

We’ve seen an uptick in ATO activity focus on refinanced or […]

By |10 November, 2023|Uncategorized|Comments Off on Warning: Redrawing investment loans
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