News

Financing motor vehicles

Financing motor vehicles

May 3, 2022

A common question facing businesses is how to finance and account for the acquisition of a motor vehicle. There are numerous ways that can be used, with each having unique taxation treatment. 1. OUTRIGHT PURCHASE The advantage of purchasing a vehicle outright, as opposed to financing the acquisition of the vehicle, is that there will…

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FBT year end checklist

FBT year-end checklist

April 7, 2022

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf. Although it will generally…

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Uber Driver

Ridesharing: The Driver and The Rider

April 7, 2022

The Driver Uber and other ride-sourcing facilitators have become increasingly popular over recent years. From a driver’s standpoint, there are a number of tax issues potentially in play. See overleaf for the tax implications from a rider’s perspective. INCOME Income from a driver’s ride-sourcing activities must be declared in their tax return irrespective of the…

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inherited property foreign resident

CGT on sales of property inherited by a foreign resident

November 8, 2021

Is there CGT when a property inherited from a foreign resident is sold? Am I liable for CGT on a home I inherited from a foreign resident when I sell it one year later? The following scenario demonstrates how the CGT rules work in this situation. I have just inherited my uncle’s home. He purchased…

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work related travel and living away from home 2

How to treat work-related travel and living away from home costs

September 3, 2021

The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work. Certain conditions need to be met to ensure an allowance can be considered a travel allowance: None of the individual absences from the…

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2021 22 Lodgement Rates and Thresholds

2021-22 Lodgement Rates and Thresholds

July 29, 2021

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current…

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common business mistakes

Avoid common mistakes in your business return, and include appropriate income

July 6, 2021

We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have: declared all income, including cash and online sales, dividends, interest, capital gains or one-off…

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deductions for clothing and laundry expenses

Getting deductions for clothing and laundry expenses right

July 6, 2021

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have…

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taxman sends a bill letterbox

When the taxman sends a bill, not a refund

July 6, 2021

While most people look forward to receiving a tax refund once their return is processed by the ATO, it is also not unheard of to receive a tax bill on occasion. Most people who earn income as employees have tax payments made on their behalf throughout the year through pay-as-you-go (PAYG) withholding to help them…

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black brass gavel

Briefing a barrister

June 2, 2021

When you’re faced with a complex or high-risk question in tax or super, briefing a barrister can provide you with the expertise and perspective to help you move towards a solution with confidence. Barristers (who are also referred to as “counsel”) are independent specialists in court work and legal advice. There are specialist barristers across…

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