New GST Rules for Property Developers
https://youtu.be/wGIR-zSzZrM From 1 July 2018, a Goods and Services Tax (“GST“) withholding obligation will be imposed on purchaser of certain residential premises, including certain vacant land. Purchaser must withhold the ‘GST component’ of the sale price of affected land and pay it directly to the Commissioner instead of the seller. Transitional rules may apply for […]
Basic Trust Tax
Income tax and capital gains tax issues Because a trust is not a person, its income is not taxed like that of an individual or company unless it is a corporate, public or trading trusts as defined in the Income Tax Assessment Act 1936 (Cth). In essence the tax treatment of the trust income depends […]
Concerns over Safe Harbour Provisions
The option of an informal workout for struggling companies has become far more attractive thanks to the introduction of safe harbour laws, in addition to a more accommodating banking and tax recovery environment. The safe harbour regime was introduced on 19 September 2017, when amendments to Australia’s insolvency laws came into effect. Despite the build […]
Basics of backpacker taxes
The Australian tax year runs from 1st July to 30th June each year. Tax returns lodged by individuals have to be filed any time from 1st July to 31st October, for the previous year. If you do not fill in a tax return, penalties can apply. Backpackers are almost always not considered residents for tax purposes. Though most of us will […]
Basics of Testamentary Trusts
A testamentary trust can save you or your beneficiaries a lot of money when it comes to tax. They are usually used to protect assets. A testamentary trust is created by a will in order to provide a higher level of control over the distribution of assets to beneficiaries. The main benefit of a testamentary […]
CGT Main Resident Exemption Loss
As most readers will know, prior to 1985 Australia had no general tax on capital gains. But after the Capital Gains Tax (“CGT“) regime was introduced in that year (September 19 specifically), the main residence exemption has been a feature ever since. While there have been a number of changes and clarifications to the specifics […]
Our Services – Estate Planning
The team at C&D offer a comprehensive taxation based estate planning advisory structure, working closely with our external professional legal firms to supply a comprehensive service. Global analytic view We work without our accounting partners to examine the overall position and determine the taxation outcome before delving into the estate planning process. We look at […]
Salary packaging still tax effective
With many households feeling the squeeze of financial pressure, employers may find that their staff are enquiring about their salary packaging options. Salary packaging is still a tax effective option for both employees and their employers, however caution must be had as to the types of benefits that are packaged. The packaging of Fringe Benefits […]
Basics of trusts
What is a trust? This is probably the most misunderstood aspect of trusts. A frequently held, but erroneous view, is that a trust is a legal entity or person, like a company or an individual. A trust is not a separate legal entity or person at all – it is essentially a relationship that is […]
Super Amnesty
Like never before, now is the time for employers to check that their minimum superannuation guarantee payments are in order or risk significant penalties. Superannuation guarantee amnesty On 24 May this year, the Federal Government announced a twelve month amnesty for employers to pay any unpaid employee superannuation entitlements for all quarters up to March […]
