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When is a Gift Not a Gift?
Imagine receiving over $1.6 million in your bank account and thinking it’s a generous gift. But what happens when the Tax Commissioner decides it’s actually income, and you’re suddenly facing a hefty tax bill? That’s exactly what happened in the intriguing case of...
When is a Gift Not a Gift?
Imagine receiving over $1.6 million in your bank account and thinking it’s a generous gift. But what happens when the Tax Commissioner decides it’s actually income, and you’re suddenly facing a hefty tax bill? That’s exactly what happened in the intriguing case of...
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JobKeeper Extension: What this means to business and employees
JobKeeper extension has been announced by the government. Payment for JobKeeper is now extended until 28 March 2021 for businesses and not-for-profit organisations severely affected by the COVID-19 pandemic. The payment extension, however, will be reduced and paid at...
Appreciate the Benefits of Claiming Property Depreciation
Did you know that property depreciation is the second biggest tax deduction for investors, after interest? Despite this fact, 80 per cent of property investors are failing to take advantage of property depreciation and are therefore missing out on thousands of dollars...
ATO Employer Reminder – STP Data Needs to Be Finalized for 2020
ATO Employer Reminder: A reminder has been issued by the ATO to employers reporting through STP (Single Touch Payroll). That applies to just about every employer, assuming that deferral or exemption isn’t involved. Employers need to have payroll information finalized...
Tax Depreciation and Covid-19 Reports – Will Physical Inspections Be Required?
Businesses and property investors will sometimes hire a professional quantity surveyor, who will put together an updated tax depreciation report. This will provide depreciation and capital works deductions for revenue-producing properties they own. These places may...
JobKeeper Reporting Guidance Via STP
Guidance is available from the ATO if employers require assistance reporting qualified employees and/or topping-up JobKeeper payments through STP (Single Touch Payroll). Employers need to inform the ATO for every employee that qualifies: when a qualified employee...
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ATO Sends a Clear Message on Trust Distributions
The ATO is closely monitoring how trusts distribute income and to whom. Trust distribution arrangements have been under intense scrutiny in recent years, so trustees must carefully consider their steps before appointing or distributing income to beneficiaries. ...
Attention SMSF Trustees: ATO Eyes are on Repeated Asset Value Reporting
The ATO has flagged some concerns for SMSF trustees about the casual approach some are taking to asset valuations. More than 16,500 self-managed super funds have recorded the same asset values year after year for three years straight. Many of these are tied up in...
Federal Budget 2024-25: Election Timing, Tax Cuts, and Energy Relief
The 2024-25 Federal Budget marks the third round under the Albanese Government. As we've seen in past years, the big talk is about managing the cost of living pressures and steering the economy towards net zero emissions. Election expert Antony Green considers the...
How Much Is My Business Worth? Key Factors to Consider
Have you ever wondered what your business is worth? If you're like many small business owners, your business isn't just another asset; it's likely your biggest one and probably a significant part of your retirement plan. So, what makes some businesses fetch a high...