The sale of an investment property in Australia can introduce intricate GST (Goods and Services Tax) considerations that often escape the notice of many property investors. However, there are specific scenarios where investors can mitigate their GST obligations. While the sale of your primary residence… Read More »Selling Property! Will GST & the margin scheme apply to you?
The Australian Taxation Office (ATO) has highlighted that their compliance activities frequently uncover errors made by trustees i.e. trust distribution pitfalls. These mistakes often stem from failing to adhere to trust deeds or neglecting to verify family trust elections. Consequently, as agents prepare for year-end… Read More »ATO: Trust Distribution Pitfalls to watch out for!
As of May 22, 2024, the Victorian Government has made significant changes to the payroll tax exemption for GPs. Here are the key points: Payroll tax is calculated based on wages paid to employees above a certain threshold. For metropolitan businesses, the payroll tax rate… Read More »VIC PAYROLL TAX EXEMPTON
A fringe benefit is a ‘payment’ to an employee, but in a different form to salary or wages. According to the FBT legislation, a fringe benefit is a benefit provided in respect of employment. This effectively means a benefit is provided to somebody because they… Read More »ATO: Fringe Benefit’s Tax Rates 2024-2025
Businesses owners that operate using an ABN (excluding sole traders) will need to nominate a Tax or BAS agent using the digital id (myGovID) when engaging a new agent or re-engaging the services of a previous agent. Existing client/agent relationships won’t need to undertake this… Read More »Client-to-Agent Linking
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. Super paid after a… Read More »Superannuation & Deceased Will
When an Australian resident for tax purposes, sells property valued at $750,000 or more, they must have a FRCGW certificate to present to the purchaser at or before settlement. If an FRCGW is not provided 12.5% of the property purchase price must be withheld and… Read More »Foreign Resident Capital Gains Withholding
The Victorian Government newest initiative is to pay up to 28 days of sick and carers pay to casual workers and contractors in certain jobs. Payments are made at the national minimum wage ($23.23 per hour) regardless whether it is for a claim for a… Read More »VIC Government Grants & Payments
Working holiday makers (WHM’s) may be taxed on the same basis as a resident Australian national if they are both: -from a non-discrimination article (NDA) country -an Australian resident for tax purposes. Criteria for same tax rate You may be taxed on the same basis as a resident Australian… Read More »How are Working Holiday Makers (WHM’s) taxed!
The fixed rate method for calculating your deduction for working from home expenses has been revised. This revised method is available from 1 July 2022. To be eligible to claim a deduction for working from home expenses, you must: • incur additional running expenses as a… Read More »ATO: Update to work-from-home deductions