Following the rise of the use of cryptocurrency in business, this article takes a bit of a deeper dive into various employment tax issues that arise where crypto is given to an ‘employee’ by an ‘employer’.
With increased scrutiny from the ATO on the eligibility of deductions claimed on individual tax returns, it even more important to remember the significance of substantiation when claiming deductions in your income tax returns.
We were recently made aware of a process that the ATO adopts to assist some taxpayers in obtaining refunds of franking credits on a timely basis – that is, soon after the end of the income year. Here’s what you need to know.
Tax residency is an issue that comes up repeatedly, and every case seems to reinforce one key principle – every case is different. So past cases can help us understand the requirements, but there is risk in treating them as if they are a binding precedent.
From 1 July 2025, if legislated, a new tax will have application to individuals with a total superannuation balance exceeding $3 million. This proposed measure is designed to reduce the concessional tax treatment of superannuation earnings for high-balance individuals.
As global employment becomes increasing fluid with individuals undertaking internal assignments, establishing the residency status of an individual becomes more complex and critical. Quy and Commissioner of Taxation [2025] ARTA 174 is a case on point that demonstrates the underlying principles of the residency tests when determining tax residency status.
The Commissioner generally has the power to amend an income tax assessment within a period of either 2 years or 4 years for other taxpayers who are not eligible for the 2-year amendment period. However, the recent case of Kirtlan and Commissioner of Taxation illustrates a rare instance where a taxpayer successfully challenged the Commissioner’s opinion that there was evasion.
Navigating the complexities of tax law can be challenging, especially when it comes to understanding the nuances of related parties. Identifying which definition applies is a key step in correctly applying the law. In this article, we break down the concepts of associates and affiliates, and explain how they can impact tax outcomes.
The proposal for making GIC and SIC non-deductible effective from 1 July 2025 will have significant implications to taxpayers. This article highlights the potential ramifications and possible solutions.
Individuals who can pass the PSI rules and whose income comes from their own efforts need to think twice before seeking to have a related party taxed on it. In this article we consider whether new ATO guidance helps.
