Being a director of a company, as with any elevation of status, is a role that also brings with it added responsibilities and duties. Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company. These include, but are...

The ATO can issue public rulings that provide guidance on the interpretation of various tax laws. Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area of tax law, you may find that many of your concerns are shared by others...

Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses. A business registered for GST will generally be required to hold a tax invoice for...

Access our Wallace Partners Client Information Newsletter May 2019 below; Wallace Partners CIN May 2019

The now common and still growing phenomenon of peer-to-peer goods exchange sites such as Gumtree or Facebook groups can throw up some interesting scenarios regarding the acquisition of claimable assets and the consequent work-related or business expense deduction claims. In the case of Gumtree, for example, the online buy-and-sell site has enjoyed increasing usage since...

When commencing any self managed superannuation fund (SMSF), there is one over-riding expectation that newby trustees should come back to again and again — that their fund must meet the sole-purpose test. This is not only to maintain access to the various tax concessions available, but to avoid possible civil or even criminal penalties. This...

One of the recognised keys to business success is having knowledgeable, efficient and well-trained staff. But it is not always possible (or is indeed rare) to have potential staff walk in off the street who are a 100% perfect fit. People employed at any business will naturally benefit, to a lesser or greater degree, from...

As most of us know, donations of $2 or more are deductible, and there is flexibility in the rules around donating to emergency relief bodies in that no receipt is required if giving less than $10 (so called “bucket” donations). To be able to claim a tax deduction for a donation or gift to an...

The tax rules allow investing taxpayers to claim some deductions related to some of the expenses and costs that are generated when earning interest, receiving dividends or gaining other investment income. Remember, interest from a bank or other financial institution is part of your assessable income for the year. Even if the funds earning the...

A major change in the way employers report the tax and super information for their employees to the ATO has been on the way for a while now. The single touch payroll (STP) system started to be rolled out gradually from 1 July 2018 for what the ATO refers to as “substantial” employers (those with...