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 […]
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 […]
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 […]
Vehicles and FBT
Restrictions on reducing Fringe Benefits Tax (“FBT”) on car expense payments From 1 April 2016, the “otherwise deductible” rule has changed for car expense payment fringe benefits (i.e. where an employer meets or reimburses an employee for fuel or other running expenses). Previously, employers could elect to reduce the taxable value of car expense benefits […]
Detail of Personal Services Income (PSI)
What are the PSI Rules meant to do? The rules were designed to improve the integrity of the tax system by addressing both: The capacity of individuals and interposed entities providing the personal services of an individual to claim higher deductions than employees providing the same or similar services; and The alienation of personal services […]
GST basics for uber drivers
When you drive for Uber you are not an employee. You’re a contractor. Here’s why that is important: When you’re not an employee, you have to be careful that your tax affairs are managed correctly. The ATO’s Uber tax implications are straight-forward at a basic level: Any money you make driving for Uber counts as […]
Taxation of Cryptocurrency
Craig Dangar looks at the consequence of crypto currency from the perspective of taxation and how it can be treated. 1. A cryptocurrency similar to Bitcoin is not a “currency” for tax purposes The ATO in its published guidelines states that Bitcoin is not a currency, but rather is treated as an asset, the price of […]
Estate Planning Through Superannuation
An old presentation that has relevance today, a presentation given to the Taxation Institute by Craig Dangar. This presentation covers: taxation treatment of superannuation upon death beyond superannuation – what next? strategies available death benefit nominations and rules how iron-clad are they? what needs to be done to set one up?
