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Bah humbug: The Christmas tax dilemma
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season. 1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT so anything at or above this level will mean that...
The controversial case of the taxpayer who claimed a loss on their home
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction. In this case, the taxpayer...
SME tax amnesty deadline looms
Some 9500 small businesses have taken advantage of the ATO amnesty period. Some still have their heads in the sand. The Australian Taxation Office (ATO) has confirmed that small businesses with outstanding tax debts originally due between 1 December 2019 and 28...
Queensland Business Energy Saving and Transformation Rebates
The Queensland Business Energy Saving and Transformation (QBEST) Rebates scheme provides rebates to eligible small and medium-sized Queensland businesses to install energy-efficient equipment. The energy-efficient equipment you purchase and install must reduce the...
Legislating the ‘objective’ of super
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’ The significance of legislating the...