Can You Use a British Virgin Islands (BVI) Structure to Avoid Australian Tax?

Many Australian residents with offshore business operations — especially those running companies in jurisdictions like Hong Kong — often wonder wh...

Understanding the Partial Main Residence Exemption and Related CGT Rules

When selling a property that you have used as your main residence, understanding how the Capital Gains Tax (CGT) exemption applies is crucial. The Aus...

Why Every Business Needs a Good Accountant: 6 Key Reasons

Are you looking to grow your business and achieve lasting success? Working with a skilled accountant is one of the smartest moves you can make. At Int...

GST Free Sales to Overseas Customers

Sales of goods and services to overseas customers are usually considered GST-free exports under Australian tax law. This means you do not have to in...

Complying with GST and PAYG Withholding Requirements for Local and International Contractors

When dealing with international transactions and working with contractors (whether domestic or overseas), it's crucial for Australian businesses to un...

Restrictions on Depreciation Deductions for Residential Rental Property

The rules regarding depreciation deductions for rental properties used solely for residential properties have evolved. These changes primarily affect ...

Why do I owe additional tax when lodging my tax return?

PAYG (Pay As You Go) withholding is a critical system in Australia where employers deduct a portion of their employees' payments for tax purposes and ...

Individuals and Trusts – lodgement and payment due dates using Registered Tax Agents

There are several factors that may affect the lodgement due dates for individuals and trusts: Lodgment and compliance history: If you prior year ta...

Companies and Superfund – lodgement and payment due dates using Registered Tax Agent

There are several factors that may affect the lodgement due dates for companies and super funds: Lodgment and compliance history: If one or more pr...

How to deal with the ATO on General Interest Charge Remissions

The Australian Taxation Office (ATO) actively pursued tax debts, especially targeting small businesses and private groups, as these debts were typical...

$20,000 instant asset write-off for small business extended to 30 June 2025

Small businesses can continue to benefit from the instant asset write-off until 30 June 2025. This means they can immediately deduct the full cost of ...

Chattel Mortgages: A Simple Guide to Accounting and Taxes

Chattel mortgages are valuable tools for businesses to acquire movable assets like vehicles and equipment. This guide explains how chattel mortgages w...

Navigating Fringe Benefits Tax During the Festive Season: Christmas Parties and Gifts

As the holiday season approaches, businesses are gearing up for festive celebrations, considering both staff and client relations. However, it's cruci...

Understanding Core R&D Activities and Their Impact on R&D Tax Incentives

When discussing tax incentives for research and development (R&D), the concept of 'R&D activities' becomes incredibly important. It's not just technic...

Navigating the Electronic Signatures Landscape & Ensuring Validity and Acceptance in the relevant state.

In today's digital age, the use of electronic signatures has become prevalent, revolutionising the way we sign and execute legal documents. However, c...

New Exemption for Electric Vehicles (EVs)

Eligibility You do not pay Fringe Benefits Tax (FBT) if you provide private use of an electric car that meets all the following conditions: the ca...

Sale of property under margin scheme

Suppliers who make taxable supplies of certain real property may apply the margin scheme, rather than calculating GST under the usual rules. The margi...

Tax Issues in relation to the subdivision of land

Tax Issues in relation to the subdivision of land When you subdivide a block of land, the consequence is that you take your block and you convert it ...

Benefits of record keeping

Running a business can be unpredictable, but a good record-keeping system can make things easier. It is important to know the documents and evidences ...

Can a foreign resident be a trustee of trust?

Can a foreign resident be a trustee of trust? There is no restriction of a non-resident to be a trustee of a trust. In Victoria, if the trustee remai...

Family Trust Election

Please note a valid FTE requires the trustee to satisfy the relevant tests and make an election in writing in the approved form. Once a family trust e...

Hybrid Trust

Hybrid Trust is a cross between a Discretionary and a Unit Trust. This type of structure is quite appealing because it includes the benefits of both a...

Trusts Fundamental & Types of Trusts

Trusts are commonly used in for family and business purposes. Some of the reasons for the creation of trusts are: asset protection the ability to ...

Meal entertainment (Division 9A of the Fringe Benefits Tax Assessments Act 1986)

Meal entertainment (Division 9A of the Fringe Benefits Tax Assessments Act 1986)Entertainment is probably the most difficult area of identifying and c...

Motor Vehicle Expenses

If you are an employee and/or a director of a company, you do not need to keep a logbook to claim cents per KM from your employer. However, you may be...

Entry ACA and Exit ACA

When an entity joins a tax consolidated group (the joining member), the assets of the joining member become those of the head company under the single...

20% Bonus Deduction for Small Business to upskill employees

The Government announced two support measures for small businesses (aggregated annual turnover less than $50 million) in the form of a 20% uplift of t...

Thin capitalisation

What is thin capitalisation and why is it a problem? Thin capitalisation occurs when a multinational entity finances its Australian operation with a ...

2022 Small Business Support Program

New Covid Support Package to address the impact of the Omicron variant of Covid-19 The NSW government has made an announcement regarding the availabi...

Cash or Accruals

Choose the most appropriate accounting method based on your circumstances - Cash vs Accrual methods of accounting for income tax purposes. For income...

Car Fringe Benefits

Car Fringe Benefit When does a car fringe benefit arise? It arises when an employer held a car and is made available for the employee for private use...

Can an SMSF borrow money?

Generally, the Trustees of SMSFs are prohibited from borrowing to buy an asset for the funds under the Superannuation Industry (Supervision) Act 1993 ...

Director identification number

The government announced the full implementation of the Modernising Business Registers (MBR) program as part of its 2020 Budget Digital Business Plan....

Making a Division 7A minimum yearly repayment by way of journal entries

Division 7A treats the following amounts as dividend deemed to be paid by a private companies: Amount paid by the company to a shareholder or share...

Main residence exemption

Capital gains or capital losses from dwellings are ignored for CGT purposes where the dwelling was owned by an individual and was the individual’s m...

2021 Covid-19 Business Grant

2021 COVID-19 business grant is available for businesses that experienced reduced demand due to the public health order. The grant is to provide busin...

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