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Tax

Business news and views from Accountancy Group

News relating to tax

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

What now for the GST?

Fifteen years after the introduction of the GST in Australia debate still rages over what should be taxed and whether the GST rate should increase.

Unless the Government changes the GST Act, any change requires the approval of the States and Territories.  The Treasurers’ workshop late last month resolved to keep […]

By |8 September, 2015|Tax|Comments Off on What now for the GST?

Treasurer raises ‘idea’ of personal tax cuts

Who doesn’t like a tax cut when they personally benefit from it?  In a recent speech, the Treasurer said that personal tax cuts were required to prevent ‘bracket creep’ – that’s jargon for what happens when the tax rate thresholds don’t keep pace with inflation and more people are pushed […]

By |6 September, 2015|Tax|Comments Off on Treasurer raises ‘idea’ of personal tax cuts

Top small business $20k deduction Q&As

In a recent speech, Small Business Minister Bruce Bilson stated that a lot of his time talking about the $20,000 immediate deduction for small business was convincing people it was not a hand out.

“I have spent a lot of my time explaining that asset write-off mechanisms aren’t grants, they are […]

By |20 August, 2015|Business, Tax|Comments Off on Top small business $20k deduction Q&As

The widening tax gap between residents and non-residents

If you are not an Australian resident for tax purposes, you are excluded from many of the tax breaks available to residents and an increasing target of the Australian Taxation Office.  We explore the widening gap between residents and non-residents.

Scrutiny of Australian investments
With residential property prices soaring, foreign investment and […]

By |17 August, 2015|Tax|Comments Off on The widening tax gap between residents and non-residents
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