Taxpayers able to apply CGT small business concessions
AAT Ruling on CGT Small Business Concessions Trust Eligible to Reduce Capital Gain to Nil Amid Valuation Dispute with the ATO The Administrative Appeals Tribunal (‘AAT’) recently held that a trust was entitled to apply the CGT small business concessions and, therefore, it could reduce a capital gain it made down to nil. In March […]
Family trust elections and interposed entity elections
Understanding Family Trust Distribution Tax Key Considerations for Trustees and Entities to Avoid 47% FTDT on Distributions Outside the Family Group. Family trust distribution tax (‘FTDT’) is a special, 47%, tax sometimes payable by a trustee, director or partner. It applies when a trust has made a family trust election (‘FTE’), or an entity has […]
What to know about disaster relief payments
Understanding the Tax Implications of Natural Disaster Relief Payments Some Government Support Payments May Be Non-Taxable — Check Before Lodging Your Tax Return Taxpayers should be aware that some natural disaster relief payments are not taxable. Businesses that have received a government support payment because of a natural disaster (such as a major weather event) […]
Small business concessions
Unlocking Tax Concessions for Small Business Owners ATO’s Reminder The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. This depends on their business structure, their industry and their aggregated annual turnover. For example, small business owners who have an aggregated […]
FBT time is fast approaching!
Navigating FBT Obligations: A Reminder from the ATO Stay Ahead of the Curve with Key Tasks and New Guidelines for Fringe Benefits Tax Time The ATO has advised employers that ‘FBT time’ is just around the corner, and they need to stay on top of their fringe benefits tax (FBT) obligations. Employers need to ensure […]
Changes in reporting requirements for sporting clubs
Annual Not For Profit Self-Review Returns Ensuring Tax Exemption Compliance for Sporting Clubs and Associations Not-for-profits (‘NFPs’), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption. The main purpose of a sporting organisation must be the encouragement of a […]
Christmas parties and gifts
Common entertainment scenarios for business How FBT applies to businesses for Christmas parties If your business holds a Christmas party: on a working day, on your business premises, and only for your current employees, you don’t pay fringe benefits tax (FBT) for the food and drink off your business premises, or the party includes associates […]
Taxpayers need to get their rental right
Important Tax Considerations for Rental Property Owners Reporting Rental Income and Managing Rental Expenses The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time. When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, […]
ATO gives ‘green light’ to lodge
ATO’s Tax Filing Guidance for Simple Affairs Timely Tips for Taxpayers and Key Information on Lodging Income Tax Returns The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns. ATO Assistant Commissioner Tim Loh said that most taxpayers with simple affairs will find the information they need […]
Different meanings of ‘dependant’ for superannuation and tax purposes
Understanding Superannuation Death Benefit Distribution Different Definitions of ‘Dependants’ for Superannuation and Tax Purposes On a person’s death, their superannuation benefits can only be paid directly to one or more ‘dependants’ as defined for superannuation purposes, unless they are paid to the deceased’s legal personal representative to be distributed in accordance with the deceased’s Will. […]
