Access our Wallace Partners Client Information Newsletter April 2019 below; Wallace Partners CIN March 2019 We have also included our Federal Budget 2019 Newsletter. Please see below; Wallace Partners Federal Budget CIN March 2019

The GST Act contains anti-avoidance provisions that are similar to those available for income tax purposes. The rules (known as Division 165) are designed to deter schemes that would produce benefits by reducing GST payable, increasing refunds, or altering the timing of payment of GST or refunds, and are aimed directly at artificial and contrived...

Companies are not entitled to a refund of franking tax offsets, however they may be able to convert them to carried forward losses in subsequent years. Companies are able to choose the amount of prior year losses they wish to deduct, after first having offset losses against net exempt income. There are however the following...

There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands. A common example of this is in respect of property, and especially for transactions when a valuation is necessary for tax purposes. For example, let’s say that Humbert...

The ATO recently highlighted significant non-compliance with the rules prohibiting taxpayers claiming travel expenses related to residential rental properties. Late last calendar year, the ATO revealed that it had identified 26,000 taxpayers who had incorrectly claimed deductions for travel to rental properties during tax time 2018, despite recent changes to the law in this area....

Australians have been taking full advantage of the offerings on the digital marketplace with gusto for years now, but it has only been relatively recently that the rules for goods and services tax (GST) have caught up. With the purchase of digital products such as the streaming or downloading of movies, apps, and e-books and...

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment. If the PAYG withholding rules require a business to withhold an amount from a payment that...

Among the first batch of tax legislation the government dealt with in the new year was a bill that contained changes to the “same business” test. The same business test is relevant in a number of contexts, but most particularly in determining if a company is eligible to claim deductions for past year losses, current...

Access our Wallace Partners Client Information Newsletter February 2019 below: Wallace Partners CIN March 2019

Access our Wallace Partners Client Information Newsletter February 2019 below: Wallace Partners CIN February 2019