Attention to detail is paramount when giving tax advice. This was most relevant in a recent case regarding the use of similar terms in the small business CGT concessions. The question was about access to the small business 15-year exemption.
Taxpayers have the right to arrange their financial affairs within the intent of the tax law. However, with any strategy or course of action taken, taxpayers and advisors should exercise caution and be prepared to justify that the effect is commercially reasonable. In this article we explore some of the lessons learnt from the latest S.100A BBlood case.
Despite the GST regime being in place for over 20 years, this continues to be an interesting issue. Why? Probably because it is important to understand and clarify the facts and circumstances of each case, which generally means understanding the commercial terms of the transaction. In this article we have used examples to demonstrate the issues and implications.
There is still no clarity from the Victorian and/or NSW Revenue Office as to the PRT treatment of service agreements widely used throughout the medical and allied health professions. In this article we summarise some recent developments and likely outcomes.
ATO reviews and audits in the SME space closely scrutinise Division 7A. Despite being in existence for 25 years, errors are still commonly made in this area. As there is limited scope within Division 7A to rectify errors, it is crucial to get everything right the first time.
The Albanese Government has handed down its second Federal Budget which contains a range of measures. This is a snapshot of the more relevant tax and superannuation related measures.
Most practitioners agree that the rules for access to the SBCGT concessions are inherently complex. This article seeks to explore some of these complexities, specifically satisfying the significant individual requirement and the importance of timing where passively held assets are used in a business of a connected entity.
The reopening of borders has resulted in an increase in people choosing to move overseas. It is, therefore, timely to revisit some of the income tax implications of such a move. In this article, we provide practical examples of doing so.
These are some of the quirks or myths of GST often hear from clients seeking to apply either the going concern or farmland exemption to transactions. In this article, we aim to clear up all the confusion around these issues.
Income tax matters are often a consideration when your client is preparing their will. However, there is a possible tax risk in relation to the choice of executor which can easily be overlooked.
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