The Federal Government committed in May 2024 to require super to be paid by employers for employees at the same time as the wages for those employees are paid. Whilst Payday Super is currently intended to start on 1 July 2026, we are starting to see what the changes might be.
Is payroll tax applicable to contractor GPs? What are the implication of the recent Uber case? Is the position less settled than we thought?
Goodwill is a single CGT asset. As a business grows it may undertake a wider range of activities. This article explores whether goodwill from the expanded business is a separate and distinct CGT asset, or simply an expansion of the existing business goodwill?
The maximum net asset value test is designed as a snapshot taken just before the CGT event. A previously rented holiday home shouldn’t affect its exclusion status if it is being used solely for the owner’s personal use leading up to the relevant CGT event. However, the ATO holds a different view. This article examines whether the ATO’s stance warrants a reassessment.
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.
Fundamental to any tax advice is the identification and clarification of the relevant, underlying facts and circumstances. Without doing so it is difficult to determine the tax implications applicable to those facts and circumstances. Also, even minor changes to such facts and circumstances may alter the tax implications.
Market value is relevant for a number of tax provisions including the market value substitution rule in the CGT provisions, the maximum net asset value test (MNAV test), and for state taxes such as land tax and transfer duty. Crucial to the application of the market value substitution rule is whether or not parties have acted at arm’s length.
This article considers a core FBT issue. We analyse the recent BQKD and Commissioner of Taxation case and consider the issue of whether three directors of a trustee company of a discretionary family trust were employees for FBT purposes and, if so, whether the use of vehicles owned by the company were benefits provided in respect of their employment.
There is a misconception that all unit trusts are fixed trusts. Perhaps it is because a beneficiary’s income and capital entitlements are based on their unitholdings rather than being dependent on the trustee discretion to appoint income/capital. The tax ramifications for misclassifying a unit trust as ‘fixed’ could in certain circumstances be detrimental. This article seeks to highlight potential implications for misclassification.
A recent Federal Court decision should give advisors pause before crystallising a capital loss to assist with managing clients’ tax liabilities from realised capital gains. Dive into our article to learn more.
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