This limits your prospect’s buying decision to either “yes” or “no” ...

Complicated super contribution rules are about to get… more complicated! Draft legislation was released in December to provide some people a once-off chance to be refunded up to $10,000 of excess concessional (employer or deductible personal) superannuation contributions made after July 2011 ...

Unforseen problems can arise if your grown up children become part of your self-managed super fund...

$305,000 of software license fees paid over two years will stand as an allowable deduction after the Tribunal overturned an assessment disallowing deductions for the fees ...

Set up a system of reminder emails, text messages or faxes for each customer to remind them when their payment ...

Can you reduce salaries payable to family members or others to below the super co-contribution threshold? If those family members then make a personal contribution to their super fund, they may become entitled to ...

Where there are large income differences between spouses, or there are children involved, especially adult children who are undertaking tertiary education, significant tax benefits can be obtained by careful tax planning ...

Question: In prior years my client, a medical doctor, received salary income and claimed work related self education and other deductions. During last year she had no salary income but received a scholarship to undertake research and a Ph.D. degree. I understand scholarship income is exempt. Can she still claim work related self-education and other expenses?

Question: We have been running and accrual-based accounting process but feel that, given the size of our entity, this is somewhat onerous administratively. We acknowledge that we must continue accruals for leave, depreciation and other related items, but are enquiring if we can revert to a more cash-based process for standard income and expenditure items ...

Two long and complex draft tax rulings have been released setting out the taxation and GST treatment for farm-out arrangements in the resources industry. They change the previous Tax Office position on the taxation outcomes of certain aspects. State governments issue exploration permits and mining licences subject to conditions and work programmes. Farm-out arrangements are a common way for ...

These are assets (other than collectables) kept primarily for your personal use and enjoyment. If acquired for $10,000 (excluding GST) or less ...

An interpretive decision has been released concerning spouses of overseas employees who are registered under the formal Home School Education Program to tutor the children and keep records of the teaching/learning programs, time allocated, assessments of achievement and ...

In two separate cases, the Tribunal has denied access to CGT concessions where valuable assets were sold and the taxpayers relied on poor valuations. In <em>Syattadel Holdings</em> a marina purchased in 1996 for $1.675 million was sold in 2006 for $8.9 million. The $8.9 million price must have been subject to really good negotiation on the part of the vendors as the taxpayer’s valuation placed a market value of ...

A 50% discount is available on assets held by individuals and by discretionary family trusts if the asset has been held for at least 12 months. If you intend to sell ...

Payments by an employer to an employee who was a victim of floods may be an FBT exempt benefit (and not salary and wages). Conditions are ...

An interpretive decision on trust distributions received by an insurance company has worrying implications for trust beneficiaries because it states that the beneficiaries’ income from the trust distributions may include amounts that were nontaxable in the trust ...

The Tribunal has knocked out a claim for deductions over five years for franchise “establishment fees” made by a branch of the Bendigo Bank. This puts doubt on similar payments for other franchise groups ...