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Tax

Business news and views from Accountancy Group

News relating to tax

The ‘Backpacker Tax’ and the High Court

The High Court has ruled that the ‘backpacker tax’ is discriminatory. We look at the impact.Since 2017, the ‘backpacker tax’ has taxed the first dollar of income a backpacker earns in Australia – regardless of their residency status – at the working holiday maker tax rate of 15% up to: 

$37,000 […]

By |8 December, 2021|Tax|Comments Off on The ‘Backpacker Tax’ and the High Court

The top Christmas tax questions

Every year, we are asked about the tax impact of various Christmas or holiday related gestures. Here are our top issues:

Staff gifts

The key to Christmas presents for your team is to keep the gift spontaneous, ad hoc, and from a tax perspective, below $300 per person. $300 is the minor […]

By |8 December, 2021|Tax|Comments Off on The top Christmas tax questions

If Santa was an Australian tax resident

A lighter look at the complexity of Australian taxation laws and the year that has been.

Merry Christmas

Our office will be closing Wednesday, 22 December 2021 at 5pm and re-opening Monday, 10 January 2021 at 9am.The Directors and Staff of Accountancy Group wish you a Merry Christmas and a happy and safe […]

By |8 December, 2021|Tax|Comments Off on If Santa was an Australian tax resident

Overseas gifts and loans in the spotlight

The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In general, Australian-resident taxpayers need to declare their worldwide income in their Australian tax return. Some schemes however disguise offshore capital […]

By |23 November, 2021|Tax|Comments Off on Overseas gifts and loans in the spotlight

Am I taxed on an insurance payout?

Australia has had its fair share of disasters over the last few years – drought, bushfires and floods – that have ramped up the volume of insurance claims. Most people would assume that if and when they need to claim on their insurance, the insurance payout covers the damage and […]

By |2 June, 2021|Tax|Comments Off on Am I taxed on an insurance payout?

Work from home expenses under scrutiny & the perils of browsing Facebook

If you worked from home during lockdown and spent money on work related items that were not reimbursed by your business, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.The ATO has stated that it is looking […]

By |2 June, 2021|Business, Tax|Comments Off on Work from home expenses under scrutiny & the perils of browsing Facebook

Tax exemption for ‘granny flat’ arrangements

To protect older Australians, the Government has moved to formalise ‘granny flat arrangements’ by providing an incentive to protect all parties in the arrangement. Typically, granny flat arrangements occur when an older person transfers some sort of consideration (often title to property or proceeds from the sale of property) to their […]

By |20 May, 2021|Tax|Comments Off on Tax exemption for ‘granny flat’ arrangements

Tax treatment of JobKeeper payments handed back to ATO

The ATO has clarified the tax treatment of JobKeeper payments handed back to the Government. The clarification comes after the Super Retail Group, Dominos Pizza and Toyota collectively returned more than $20 million in JobKeeper payments after reporting exceptional trading results.Where a business has handed back JobKeeper despite qualifying for […]

By |15 April, 2021|JobKeeper, Tax|Comments Off on Tax treatment of JobKeeper payments handed back to ATO

ATO targets profits of professional service firms

The Australian Taxation Office (ATO) has been concerned for some time about how many professional services firms are structured – specifically, professional practices such as lawyers, architects, medical practices, engineers, architects etc., operating through trusts, companies and partnerships of discretionary trusts and how the profits from these practices are being […]

By |8 April, 2021|Business, Tax|Comments Off on ATO targets profits of professional service firms

FBT 2021: Tax & Employee Benefits

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.A fringe benefit is a ‘payment’ to an employee or an associate (an associate is […]

By |23 March, 2021|Tax|Comments Off on FBT 2021: Tax & Employee Benefits
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