This article originally appeared on the ATO website on 19 August 2020. If you run your home-based business as a company or trust, your business should have a genuine, market-rate rental contract (or similar agreement) with the owner of the property. The agreement will determine which expenses the business pays for and can claim as […]
This article originally appeared on the Australian Taxation website on the 13th of August 2020. The Federal Court handed down two decisions relating to personal services income (PSI) rules yesterday. Income is classified as PSI when more than 50% of the income received under a contract is for a taxpayer’s labour, skills or expertise. The personal […]
“Temporary” Apartment Qualifies as Permanent Place of Abode This vital case for expatriates has been finalised with the High Court of Australia refusing the Commissioner of Taxation special leave to appeal the Full Federal Court’s decision in the Harding case. The Harding case centred around the Australian tax residency of an individual who was working […]
Government Floats Changes to Downsizer Contributions Sarah Kendell This post originally appeared on accountsdaily and has been republished with their permission. The government has floated a number of imminent changes to eligibility for downsizer contribution rules, including clarifying who can contribute the proceeds of pre-CGT properties and how contributions from jointly owned properties are split […]
Guidelines on Director GST Liability Expansion Released Jotham Lian This post originally appeared on accountsdaily and has been republished with their permission. The ATO will only make estimates of outstanding GST, WET and LCT liabilities where taxpayers are suspected of phoenix behaviour or dissipating assets, according to new draft guidelines. The Tax Office has released […]
Having a break-in or theft at your home is traumatic enough without the added stress of your home and contents insurance provider rejecting your claim. Consumers are risking voiding their home and content insurance by making some common mistakes. A recent survey of 3300 Australians found that more than 20% of Australians chose to hide […]
Super Guarantee Opt-Out Coming for Certain Individuals Like the SMSF penalties here, this event also passed through both houses of parliament and awaits royal assent. Certain high income earning individuals will be eligible to get an employer to not make super guarantee payments on their behalf in the future. The intention of the new law […]
More High-Risk Industries Could Fall Under TPAR Regime Jotham Lian This post originally appeared on accountsdaily and has been republished with their permission. Emerging high-risk industries could yet be added to the taxable payments reporting system regime, says the Tax Office. Taxable payments annual reports (TPAR) currently apply to businesses providing building and construction services, […]
Finding a Good Financial Planner Financial planners are doing it tough as their value is being questioned more than ever. Nonetheless, they are not all the same and it’s important to find a good financial planner. Good Signs An advisor is upfront about costs No pressure to do anything you’re unsure about Takes time to […]
Do You Need Private Health Insurance Cover? The rising cost of private health insurance is causing many people to drop their cover and place their reliance on the public system. Appropriately on April 1 each year the premiums are adjusted, and whilst this year’s increase was only 3.25% many can no longer afford it. Hospital […]
COL WILSON B.COM, FCPA, REG'D TAX AGENT
KEN LUDEKE FCPA, FCA, REG'D TAX AGENTCertified Practising Accountants
Suite 1004, Level 10 "The Rocket" 203 Robina Town Centre Drive Robina QLD 4226
Tel: 1300 399 599
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