Dealers in second hand goods can claim an input tax credit even though they did not actually pay GST on the purchase..

A Bill is before Parliament which will effectively offset superannuation tax for super guarantee contributions for people earning up to $37,000. However, this benefit will only be available if...

Tax Office analysed 520 million transactions in FY11 covering shares, superannuation, investments, employment and private health insurance...

In a speech to the NZ Institute of Chartered Accountants, Tax Commissioner Michael D-Ascnzo said he will target 2,660 wealthy Australians on cross border transactions...

Is your current year income lower than last year’s? You can reduce your PAYG instalment rate so that it is based on current year income...

Question from Greg: Would a plant nursery be classified as agriculture and consequently not be subject to the reduction in fuel tax credits happening with introduction to the carbon tax?

Question from Greg: Do you have any views on how the increase in superannuation guarantee levy will be applied to "total cost" employment contracts? Where the total remuneration package is defined, will the increase in superannuation levy be borne by the employer or will it reduce the employee's cash salary?

Reasonable director’s fees are deductible when the company has incurred them, even if not yet paid...

The 2011 Tax Office Annual Report shows that tax debts owed by insolvent businesses and private individuals increased by 35% to $5.3 billion. There were 1,055 wind-up notices issued...

Question from Steve: Does the TFN (Tax File Number) reporting of trust distributions relate to when the trustee declares the entitlement or alternatively when it is actually paid?

Question from Michael: The list of companies that was outlined in your webinar presentation is mainly mining and resource related. Is this a back-door mining tax?

It seems counter-intuitive, but the Government will reduce discounts for upfront an early repayment of high education loans taken out to fund university fees in an attempt to boost revenues...

Question from Steve: If your Will covers all your assets, does that still mean you need to make beneficiary nominations in your superannuation fund?

Which is better? A tax offset is not the same as a tax deduction. A deduction is subtracted from your assessable income to calculate your taxable income whilst tax offsets are deducted from the income tax payable. As your income tax will always be less then...

The commencing date for the Personal Property Securities Act 2009 has been delayed yet again. The start date of 31 October 2011 has now been deferred until sometime in February 2012. This Act will affect all interests in personal property both tangible and intangible, including motor vehicles...

Question: Our company pays the annual leave loading to employees when they take their annual leave. They do not have an entitlement to that leave loading until the annual leave is actually taken. If employees terminate, the leave loading is not payable. Will the leave loading form part of our deductible annual leave expense when we raise the provision for annual leave at the year end? Or, does it only become deductible at the time the employees take the leave and the loading is paid?

Question: We have an investment property that we purchased three years ago for $245,000. We wish to demolish the house and build a new home which would become our main residence. If, after five years as our main residence, we sold the property for $900,000, is CGT applicable? If so, what proportion?

Yet another four Bills have been introduced into the House of Representatives relating to the Petroleum Resource Rent Tax (PRRT). These are...