Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any foreign tax paid on the income) must be included as assessable income. A foreign income...

Christmas will be here before we know it, with smarter business owners already planning their end-of-year festivities. Celebrating the season can be team-building or just a bit of fun, but the well-prepared business owner will also know that a little tax planning can help make sure there’s no unforeseen tax problems. The three benefits typically...

Tax file numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many taxpayers won’t give it a second thought when tax return software responds with an “invalid” when a TFN is entered. The common thought will be that it’s human error, so naturally one’s first reaction will be...

Historically, taxpayers may have been able to claim a deduction for the costs associated with setting up a business or raising finance, including the costs incurred in: establishing a company or other business structure converting a business structure to a different structure raising equity for the business defending it against a takeover unsuccessfully attempting a...

If your remuneration, including reportable fringe benefits and salary sacrificed superannuation contributions is in excess of $250,000 per annum, you may have an additional tax liability over and above the normal income tax payable on such earnings. Now that would be a fairly substantial salary package,  so it may seem like a good problem to...

After waiting for what seems like an eternity, the government has finally put to Parliament its proposed legislation around two of its proposed schemes, the First Home Super Saver and Contributing the proceeds of downsizing to superannuation.  This legislation is an attempt to bring into action proposals from the 2017 federal budget. The proposals aim...

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A business becomes liable for fringe benefits tax where it provides car parking benefits in the form of a car parking facility for more than four hours on its premises to its employees, and the relevant car parking facility is situated within one kilometre of a commercial car park where the minimum all day cost...

Have you or someone you know considered taking up ride-sharing (also called ride-sourcing) to earn extra income, or even as an alternative form of employment? When providing ride-sharing services through Uber or GoCatch and other facilitators for a fare, there are things you will need to know, and traps you need to be aware of....

Investment products may be held as trading stock by a taxpayer carrying on a business of share trading or options trading. However, whether a particular parcel should be treated as trading stock must be determined on a case-by-case basis. Generally, the tax issues facing share traders versus passive investors are summarised below. Tax treatment of...