It is becoming increasingly popular for clients to buy property, subdivide and/or rebuild and then on-sell the property. The tax implications that result from these transactions can vary depending on the type of project undertaken, so careful consideration needs to be given to the factors that indicate the intention of the transaction/s. There are three
July 2022 saw a number of changes to the superannuation rules and many will have a positive outcome for members of superannuation funds. The changes were announced and legislated by the Morrison government so it’s important to note that the new government will be delivering its first Budget in October 2022. The superannuation tax concessions could be
With fuel prices on the rise, along with a global environmental awareness, the electric vehicle market in Australia has seen an exponential growth. For small business owners where business vehicles are a common asset with sizable deductions, it is important to know the differences between what can be claimed for a motor vehicle (MV) and
As we move towards the end of financial year, it becomes important to look at your tax planning and ways that you can maximise your tax savings. These tax planning tips for individuals and businesses will help you cover off some important considerations before the end of the 2021-2022 financial year. RECORD KEEPING Taxpayers are required
It’s Fringe Benefits Tax (FBT) time again and this FBT year will end on 31 March 2022. If you provide your employees with a benefit other than salary, wages, bonuses and superannuation, it’s likely you are providing Fringe Benefits to your employees. You could also be providing benefits under tax law, to employees’ family and
Two recent court decisions have highlighted potential payroll tax risks for medical practices that operate under a shared services model. In New South Wales and Victoria, doctors and optometrists practising as independent sole traders have been deemed employees, allowing the relevant state bodies to issue backdated payroll tax assessments for up to five years and
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