Clients warned on possible car review
Vehicle-related expenses and even the make and model of the car you drive can attract extra scrutiny from the ATO, an accountant has warned, citing the example of a manufacturing business. Speaking on the podcast of sister publication, My Business, Alexander Laureti of LMS Advisory revealed that a manufacturing business had its fringe benefits tax […]
US tax net expansion to hit Aussie clients
In all the hoopla over the US corporate tax cuts, introduced late in 2017, a change to the way the US Treasury views income earned offshore went almost unnoticed in the world of private clients. But for American citizens operating businesses in Australia, or Australian companies with a large individual US shareholder, the bite is […]
How Much Tax Is Taken Out Of My Super Withdrawals?
If you’re aged 60 or over, you usually won’t pay any tax on super benefits you withdraw. However, if you’re under 60 your benefits will be taxed. To understand how much tax you’ll pay, it helps to remember that your super benefits are split into two components: The “tax free” component of your benefits is not taxed […]
ATO fires warning ahead of tax time
The ATO has released a wide range of case studies of taxpayers cheating the tax system as it signals its hard-line stance ahead of tax time 2019. The first case involves 56-year-old Peter Garven, who was sentenced in the Sydney District Court to three years and three months’ jail time for fraudulently obtaining and attempting […]
CGT Strategy highlighted with work test exemption
In December last year, the government finalised the regulations for the work test exemption measure which enables individuals aged 65 to 74 to make voluntary contributions to superannuation for an additional 12-month period from the end of the financial year in which they last met the work test. In order to be eligible, they have […]