News relating to tax
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 […]
GalleryOverseas 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 […]
GalleryAm 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 […]
GalleryWork 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 […]
GalleryTax 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 […]
GalleryTax 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 […]
GalleryATO 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 […]
GalleryFBT 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 […]
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 […]
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 […]
