Property investors, take note – Disruption with the Bowerman Decision

    12/12/2023
  • 12 December 2023 The circumstances in which a loss realised on the sale of a residential property may be deductible was considered by the Administrative Appeals Tribunal (AAT) in a recent unusual decision that is likely to have an impact on both losses and gains realised on property. This recent decision highlights the breadth of Read more…

  • AAT Finds Against the ATO

    13/10/2023
  • 13 October 2023 A recent decision by the Administrative Appeals Tribunal (AAT) has challenged the Australian Taxation Office’s (ATO) long-standing treatment of unpaid present entitlements (UPEs) as loans under Division 7A. Background Contrary to the view of tax professionals, the ATO has considered UPEs (i.e. distributions from trusts to corporate beneficiaries which have not yet Read more…

  • Unlocking the 20% Investment Boost Deduction

    10/10/2023
  • 10 October 2023 In exciting news for businesses, the Treasury Laws Amendment (2022 Measures No.4) Act 2023, received royal assent on 23 June, 2023. This legislation introduced the technology investment boost being a 20% bonus deduction aimed at incentivising investments in digital technology and the digitisation of business operations. The 20% Bonus Deduction Explained The Read more…

  • Government releases $3m super tax reform draft legislation

    06/10/2023
  • 06 October 2023 What You Need to Know On 3 October 2023, the much-anticipated draft legislation for the Government’s Better Targeted Superannuation Concessions was unveiled. These changes are set to kick in on 1 July 2025. Stay the Course The draft legislation closely mirrors the initial proposals outlined in the consultation paper, with minor adjustments Read more…

  • Fringe Benefits Tax – Are you ready for the 2023 FBT Season?

    05/04/2023
  • 05 April 2023 As the end of the 2023 FBT year has arrived, we provide you with the latest updates and tips to ensure you are ready for the 2023 FBT return preparation season.  2023 FBT Rates and Thresholds Key Dates Who needs to lodge an FBT Return? Employers who have an FBT liability must lodge an Read more…

  • Further Detail: Cap on Superannuation Tax Concessions

    02/03/2023
  • 02 March 2023 Following our newsletter from last week, on 28 February 2023 the Prime Minister and Treasurer announced their plans for a cap on superannuation balances that would be eligible for concessional tax treatment.  This cap is $3 million.  For benefits in superannuation greater than $3 million, an additional 15% tax will apply to Read more…

  • Treasurer Announcement – Objectives of Superannuation

    23/02/2023
  • 23 February 2023 You may have heard that the Federal Treasurer, the Honorable Jim Chalmers, released a consultation paper on 20 February 2023 with draft wording for the objectives of superannuation in Australia to be enshrined in Legislation. The proposed wording is as follows: “The objective of superannuation is to preserve savings to deliver income Read more…

  • Taxing the crypto world

    03/02/2023
  • 03 February 2023 More than a million Australians now own at least one cryptocurrency. Despite its elusive status as an unregulated and decentralised asset and numerous warnings about its volatility, it does not escape the reach of the Australian tax authority. With its cryptocurrency data matching program, the Australian Taxation Office has been able to keep track Read more…

  • ATO shifts its view on Corporate Beneficiary UPEs and Division 7A

    26/08/2022
  • 25 August 2022 The ATO has issued their finalised view on when an unpaid present entitlement (UPE) owing to a corporate beneficiary constitutes the provision of financial accommodation for the purposes of Division 7A. This new approach applies to trust entitlements that arise on or after 1 July 2022.   For trust entitlements that arose on Read more…

  • Update Large Private Companies – Recent Regulatory & Reporting Changes

    22/08/2022
  • 11 August 2022 This update alerts you to two important regulatory changes to private companies that were given Royal Assent on 9 August 2022. These changes may have a significant impact if you have in the past fallen under the existing exemptions and thresholds in terms of lodging financials statements to ASIC and transparency tax Read more…