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 […]
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 […]
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 […]
Treasury has released draft legislation for consultation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025.This is the final step before the legislation is introduced into Parliament.
From a planning perspective, for those with superannuation […]
Legislation currently being debated in Parliament will introduce a new criminal offence for intentional “wage theft”. If enacted, in addition to the criminal offence, a fine will apply. The fine is three times the underpayment and:
For individuals – 5,000 penalty units (currently $1,565,000).For businesses – 25,000 penalty units (currently $7,825,000).
The […]
The Government intends to introduce laws that will require employers to pay SG at the same, or similar time, as they pay employee salary and wages. The logic is that by increasing the frequency of SG contributions, employees will be around 1.5% better off by retirement, and there will be […]
The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim.
If you undertake study that is connected to your work you can normally claim your costs of that study as a tax deduction – […]
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’
The significance of legislating the objective of super is that any future legislated changes to the superannuation system must be […]
Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on earnings on superannuation balances above $3m from 15% to 30% from 1 July 2025. This is the final step before the legislation is introduced into Parliament and a step closer to reality.
The draft legislation […]
Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators.
The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected […]
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