PERSONAL TAXATION No change to personal tax rates; Budget deficit levy to end The 2017–2018 Federal Budget contained no changes to the personal income tax rates and thresholds. This means that the 2% budget deficit levy on incomes over $180,000 will not be extended beyond its initial three years, and will cease on 30 June […]
Ride-sharing drivers must register for GST Not surprisingly, the ATO has moved quickly to state its views on the implications of the recent Federal Court decision regarding Uber. The Court held that the UberX service supplied by the ride-sharing network’s drivers constitutes the supply of “taxi travel” within the meaning of s 144-5(1) of the […]
Ride-sharing drivers must register for GST In a recent decision, the Federal Court has held that the UberX service supplied by Uber’s drivers constitutes the supply of “taxi travel” for the purposes of GST. The ATO has now advised that people who work as drivers providing ride-sharing (or ride-sourcing) services must: keep records; have an […]
Re-characterisation of income from trading businesses On 31 January 2017, the ATO released Taxpayer Alert TA 2017/1 Re-characterization of income from trading businesses. The ATO said it is reviewing arrangements that attempt to fragment integrated trading businesses in order to re-characterize trading income into more favorably taxed passive income. Its concern arises where a single business […]
Re-characterisation of income from trading businesses The ATO has released Taxpayer Alert TA 2017/1 to say it is reviewing arrangements that try to fragment integrated trading businesses to re-characterise trading income as more favourably taxed passive income. The ATO is concerned with cases where a single business is divided in a contrived way into separate […]
With SMSFs now holding more than $622 billion in investments, trustees and members who are in a position to should make a point of boosting their balances ahead of 30 June. But there are plenty more issues to consider, some complex and with their own intricacies, which these new, significant super changes present. An analysis […]
Enclosed is an inspiring article which illustrates the effects of never giving up and the benefits of paying attention to detail. FIGHT OF HIS LIFE -Allan Lorraine- In October 2009, Allan Lorraine CPA secured a place for himself and his wife at Mentone Gardens, a Supported Residential Service (SRS) in Melbourne. At the time, […]
We currently have a home loan broker operating in our office premises, Mr. Scott Campton, the Director of Financial Solutions by Design. He is available to help you with home loan requirements and best rates. Please also note that Scott assists with business and commercial finance. Scott has shared a link below to a recent […]
Contrived trust arrangements in ATO sights On 17 November 2016 the ATO released Taxpayer Alert TA 2016/12, which deals with trust income reduction arrangements that are under review. The ATO says the arrangements appear designed to exploit the proportionate approach to trust taxation. The arrangements are deliberately structured to exclude from the trust income much […]
Contrived trust arrangements in ATO sights The ATO has cautioned taxpayers against arrangements that seek to minimize tax by creating artificial differences between the taxable net income and distributable income of closely held trusts. Deputy Commissioner Michael Cranston said the ATO is investigating arrangements where trustees are engineering a reduction in trust income to allow […]