CGT Building Concessions
Building a new home? Is this exempt from CGT? It is a widely recognised fact that capital gains tax does not apply to a taxpayer’s main residence. One of the requirements for the exemption is that there needs to be a building on that land. What is less well known however is that main residence […]
Labour Hire Licence
The practical approach for clients that operate a labour hire business would be to quickly undertake a fair assessment as to whether their company will pass the financial viability test. If there are legacy issues, payment plans, overdue statutory debts or aging of trade creditors then passing the financial viability test may not be a […]
Thinking about phoenixing?
Are you considering phoenixing a company? Because of the tough economic times in the past few years, there is a great deal of confusion amongst small and medium business owners about how best to deal with a struggling company. One unfortunate consequence of this is the rise in phoenixing companies – both legally and illegally. But is it really […]
Single touch payroll and lodgments
Single touch payroll reporting is now in effect for most employers with 20 or more employees. For those with less than 20 employees, this will come into effect for you come 1 July 2019. Each time you pay your employees, you will report the tax and super information to the ATO from your Single Touch […]
Pension withdrawals above minimum
From 1 July 2017, where pension members are withdrawing amounts above their minimum annual pension payment required, they will be diminishing the capital value of their pension account. Particularly if a member had already ‘maxed out’ their transfer balance cap (‘TBC’) of $1.6 million, they will likely have no opportunity to convert any further amounts […]
Land Tax (Vic) Main Residence
Generally, the main residence exemption for land tax purposes only applies where a taxpayer has physically resided at the property from 1 July to 31 December of the previous land tax year. For example, in order for an individual to claim main residence exemption for the 2018 year, the individual would have needed to physically […]
Margin Scheme after Going Concern
It would not be uncommon for a taxpayer to seek to apply the GST margin scheme on the sale of a property after having originally purchased the property under a GST going concern exemption. For example, a property developer might acquire a property which is leased out. After the lease expires, the developer may then […]
Willing assets to a non-resident
It is not uncommon to come across bequeaths of assets under the Will of a deceased person to non-resident beneficiaries. For example, this could occur simply where a child of the deceased has relocated overseas. In circumstances where a deceased gifts an asset/(s) to a non-resident beneficiary of Australia, CGT Event K3 can be triggered […]
Caught out on DPN
The recent case of Fitzgerald v Deputy Commissioner of Taxation [2017] NSWCA 158 presents another example of how difficult it is for a taxpayer to argue he did not receive a director penalty notice (“DPN”). Even where a neighbour may have intercepted the mail, the presumption is that the notice has been “given” to the […]
Diverted profit tax
On 16 February 2017, the Government introduced the Diverted Profits Tax (DPT). It was introduced as a necessary addition to combat multinational tax avoidance. The DPT will apply a 40% tax rate on the diverted profits of multinationals. The penalty tax aims to ensure that tax paid by significant global entities properly reflects the economic […]
