FBT Exemption For Retraining Employees Has Been Passed Through Parliament
The Treasury Laws Amendment (2021 Measures No. 4) Bill 2021 has been passed through both houses of parliament. This means that employers will be given an exemption from FBT if they provide education or training to a redundant, or soon-to-be redundant, employee for the purpose of assisting that employee to gain new employment. This exemption […]
Small Businesses Encouraged to Pay Attention to Key Areas and Act Now in EOFY Tax Planning
Many Australians are guilty of leaving their tax planning until the last minute. Tax advisors are getting in early this year, with a particular warning to small businesses to act as soon as possible. The economic uncertainty of the 2020–21 financial year should motivate SMEs to review tax planning strategies immediately and not at the […]
CGT and FBT Exemption Draft Legislation Released
The Australian Government has published two pieces of draft legislation which were originally announced in the most recent federal budget from October 2020. The first piece of legislation which has been released include measures to exempt employers from the 47 percent fringe benefits tax (FBT). The second piece of legislation released provides a capital gains […]
Simple business restructure
The final tranche of 2015 small business budget announcements have made it into law, now expanding the tax relief available for small businesses to change the legal structure of their business. This new arrangement is designed to provide greater flexibility for small businesses to change legal structures without incurring an immediate CGT liability, and allowing it to defer CGT to a later point in time.
Tax Impacts for Property
Recent changes for property owners have made the buying and selling properties a bit harder from a reporting perspective.
CGT on developing the family home
Understanding the taxation consequences of splitting the family home land or starting a development.
Getting advice around this is important and makes sure you do not lose concessions.
Basics of Downsizing Contributions
The Federal Government recently announced that, as of 1 July 2018, downsizers aged 65 years or older may opt to contribute proceeds from the sale of their home (up to a total of $300,000 each) toward their super fund(s). Referred to as a downsizer contribution, it is treated as being non-concessional; existing in addition to […]
Corporate Tax Losses
Do you pass the ‘continuity of ownership’ (COT) test? If your company has past tax losses that haven’t been used as a tax deduction, this tip is for you… Check the conditions under which a company’s past losses may be claimed as tax deductions. The benefits may include significant reductions in corporate tax payable. Owners […]
Profit motive for asset acquisition
A profit that arises from the carrying out of a profit-making undertaking or plan (that is, one with a profit-making intention) will be assessable as statutory income where the proceeds of the profit-making undertaking or plan are not otherwise assessable as ordinary income. Any capital profit on the disposal of assets acquired before 20 September […]
Launch of our video platform
We have recently been working through a range of education and information videos to support our partners or to give you some understanding of the issues that arise in the management of taxation or restructure issues. Understanding that some of the issues that arise are complicated and need further explanation, each video tries to cover […]