Removing tax deductibility of ‘non-compliant’ payments - Tax Accountants Gosnells
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.
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The same business test to be replaced by a “similar business” test - Tax Accountants Fountain Gate
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.
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SMSF stats just keep getting better - Tax Accountants Footscray
The ATO has recently released the latest of what has become a regular update on the state of the SMSF market. The Self-managed super fund statistical report, with the latest covering the quarter to March this year, has become an anticipated overview for many in the SMSF arena — containing as it usually does some good news.
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Tax deductions specifically for SMSFs - Tax Accountants Dandenong
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test — that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund’s members.
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For certain travel expense claims, the term ‘itinerant’ needs clarity - Tax Accountants Chatswood
Being able to make claims for work-related travel expenses is generally an enviable deduction situation, and one that a good many taxpayers would like to achieve — especially given that the status of being deemed an “itinerant” worker brings with it an expectation of a lot of travel kilometres.
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The ATO is looking for personal services income diverted to SMSFs - Tax Accountants Carrum Downs
The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services to their fund, which results in minimising or even avoiding tax altogether on that income.
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