Now that the revised stage 3 tax cuts have passed all stages of Parliament and received Royal Assent, the new rates are law and will apply from 1 July 2024. While the revised rates won’t apply [...]
Estate planning is a complex area which requires careful consideration of tax implications. Many issues that affect the distribution of assets to beneficiaries will need to be considered before [...]
The transfer balance cap was originally introduced in 2017 as a way to limit the amount of capital that can be transferred into a tax-exempt retirement phase. This was implemented in response to [...]
Personal Services Income (PSI) generally only applies to individuals that receive more than 50% of their ordinary or statutory income from a contract as a reward for personal effort or skills. An [...]
The talk about the stage 3 tax cuts has reached fever pitch in recent days. The changes were originally legislated by the previous government in 2019 with support of the then Labor opposition. [...]
In response to various media commentary and public sentiment that foreign investors are one of the most significant factors causing the shortage of housing supply in Australia, the government has [...]
Since the introduction of EV incentives by various state governments to encourage the uptake of EVs and other zero emissions vehicles, the market share of EVs has significantly increased from [...]
Not-for-profits (NFPs) with an active ABN have been advised that they are required to lodge an annual NFP self-review with the ATO in order to continue with their income tax exemption status. [...]
Following on from two prominent High Court decisions in Construction, Forestry, Maritime, Mining and Energy Union v Personnel Contracting Pty Ltd [2022] HCA 1 and ZG Operations Australia Pty Ltd [...]
The ATO has released a draft Taxation Determination, TD 2023/D4, outlining when an individual may be entitled to a deduction under sections 8-1 (general deduction provision) or 25-5 (tax related [...]