Tax of online selling
Many taxpayers will have noticed that “pre-filling” has become much more widespread, which is only possible due to the amount of financial information that is able to be accessed by the Tax Office.
What should I bring to a tax return meeting
If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them.
Are tips assessable?
Have you ever gone to pay for your coffee or lunch and saw the tip jar at the local café counter, and wondered how (or if) the business and/or its staff accounts for tax on that money? Depending on a number of factors, this can add up to quite a sum over a year, assuming the café owner empties the jar each day. Not surprisingly, the taxman has thought of this scenario, and has devised guidance for dealing with “tips and gratuities”.
What is a Director Penalty Notice
A Director Penalty Notice (DPN) can be issued by the ATO against company directors in order to recover unpaid debts. Company directors can be held personally liable for the outstanding tax liabilities of a business so it’s crucial to have a good understanding of your rights and obligations under this area of law.
What is intellectual property?
A quick summary of the elements of intellectual property.
Options for employers where an employee has died.
Related party premises leases
When applying the Small Business CGT Concessions, one of the threshold tests is firstly determining whether the asset being disposed of is an active asset. Pursuant to section 152-40 of the ITAA97, properties used mainly to derive rent are not classified as active assets unless the property is being used in the business of a connected entity or an affiliate of the taxpayer.
Going concern on the business premises
Division 38-J of the GST Act provides that the supply of a going concern is a GST free supply. Division 38-J states that in order for a supply to represent the supply of a going concern, the supply must be for consideration, the recipient of the supply must be registered for GST, and the supplier […]
Distributing to a deceased estate
Section 99A of the Income Tax Assessment Act 1936 results in certain types of undistributed income of a trust estate being taxed at penalty rates (currently prescribed as 45%). However, section 99A provides exclusions for certain types of trust estates (in which case the undistributed income of the trust will be taxed concessionally under section […]
Timing issues related party expenses
Section 82KK of the Income Tax Assessment Act 1936 is an often overlooked section which can act to deny deductions incurred by a taxpayer. In effect, section 82KK applies to transactions between associates where a tax deduction would ordinarily crystallise to one of the parties prior to the other party having to recognise the amount […]
