80c per hour ‘shortcut’ method for home office expenses extended
Work-related expenses Back in April 2020 the ATO announced that a ‘shortcut’ method was to be made available to use from 1 March 2020 until 30 June 2020 for individuals claiming home office expenses due to COVID-19. The ATO recently announced an extension of this shortcut method to also include 1 July 2020 to 30 […]
Covid-19 and Division 7A relief
The ATO has announced some limited relief for private companies that have loans to their shareholders or related parties that are governed by what are referred to as “complying loan agreements”. A complying loan agreement is entered into to avoid triggering an assessable deemed dividend that could potentially be equal to the amount of the […]
Testamentary trusts and minors
Treasury Laws Amendment (2019 Measures No 3) Bill 2019 Treasury Laws Amendment (2019 Measures No 3) Bill 2019 has passed both Houses of Parliament and is now law. Testamentary trusts and minors This legislation contains amendments to ensure the tax concessions available to minors in relation to income from a testamentary trust only apply in […]
OMNIBUSiness Tax Planning Edition
May’s Federal Budget has been postponed but it’s still tax time. We hope that you’re well and starting to develop strategies for your business to emerge from the COVID-19 coronavirus lockdowns reinvigorated! Many of our clients have availed themselves of the opportunity of asking us to perform a wider range of duties over recent months […]
Instant asset write-off December extension
Extending the instant asset write-off The Government has announced that it will extend the $150,000 instant asset write-off for six months to 31 December 2020. Australian businesses with annual turnover of less than $500 million will be able to take advantage of this extended timeframe to invest in assets to support their business as the […]
2019/20 Tax Return Checklists
Tax saving strategies prior to 1 July 2020 For Individuals A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. Despite this, for the 2020 tax season, tax planning may require consideration of an individual’s […]
Farewell FY19; welcome FY20
From the desk of Justin Flavel Another end of financial year is upon us and it’s not uncommon to reflect, especially on how quickly and dynamically decisions are now made. Timely example It has been an amazing start to winter here and I went for a long walk with my wife. Whilst we were out […]
Permanent place of abode test
Taxpayer living in serviced apartments overseas not a resident The Full Federal Court has found that a taxpayer had a “permanent place of abode” in Bahrain, even though he lived in temporary accommodation, and therefore allowed his appeal against a decision that he was a resident of Australia. This decision confirms that the correct focus […]
ATO data matching of share transactions
Share transactions – 20 Sep 1985 to 30 Jun 2018 data matching program protocol (amended) At a glance Program objectives The purpose of the ATO’s data matching program is to ensure that taxpayers are correctly meeting their taxation obligations in relation to share transactions. These obligations include registration, lodgment, reporting and payment responsibilities. As taxpayers can hold shares for […]
Omnis retirement planning case study
Structuring retirement planning reaps results for former ‘do it yourselfer’ Retiree Ross led a varied and interesting career – from jumping out of army helicopters, to being a ski instructor and owning his own business – he’s never done things by halves. So when it came to selling his mum’s home and finalising her estate, […]
