Treasury Laws Amendment – Testamentary Trust Distribution To Minors

By Warren Kruger / July 14, 2020 / 0 Comments

| | | 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 respect of income generated from assets […]

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Shortcut Method To Claim Deductions If Working From Home

By Warren Kruger / May 12, 2020 / 0 Comments

  | | | As the situation around COVID-19 continues to develop, the ATO understands many employees are now working from home.  To make it easier when claiming a deduction for additional running costs you incur as a result of working from home, special arrangements have been announced. A simplified method has been introduced that […]

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Valuing Car Parking Fringe Benefits

By Warren Kruger / March 23, 2020 / 0 Comments

  | | | Where businesses provide car parking fringe benefits to their employees, the taxable value of these benefits must be calculated correctly to ensure they are meeting their fringe benefits tax (‘FBT’) obligations, regardless of the method used. The ATO has advised they may directly contact businesses who have engaged an arm’s length […]

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New Gig Economy Reporting

By Warren Kruger / February 16, 2020 / 0 Comments

  | | | Additionally, the MYEFO also announced the Government’s intention to implement a new third party reporting regime for the sharing economy. This will apply to businesses who operate via online platforms within the ‘sharing’ or ‘gig’ economy (e.g., Uber and Airbnb). It is proposed to be introduced in two stages, starting from […]

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Proposed New Record-Keeping Course

By Warren Kruger / February 12, 2020 / 0 Comments

  | | | One new tax-related measure of note in the MYEFO was the announcement the ATO would be provided with a new discretion to direct taxpayers (found to be lacking in their substantiation efforts under audit) to undertake an approved record-keeping course, instead of applying financial penalties. This is yet another measure designed […]

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2019-20 Mid Year Economic and Fiscal Outlook

By Warren Kruger / February 8, 2020 / 0 Comments

  | | | Treasury has released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20 forecasting a surplus of approximately $5 billion. WANT TO TALK ABOUT THIS? CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW

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