Webb Martin Consulting welcomes Yu Wei Xu
Lisa Wang
18 November 2024
Webb Martin Consulting is excited to welcome Yu Wei Xu as the latest addition to our team. She comes on board as a Senior Tax Consultant.
Tax News & Articles
Payday Super – what will change?
Graeme Prowse
18 November 2024
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.
More Payroll Tax issues: Is payroll tax applicable to contractor GPs and other health practitioners- a U(ber) turn?
Michael Doran
14 October 2024
Is payroll tax applicable to contractor GPs? What are the implication of the recent Uber case? Is the position less settled than we thought?
Navigating CGT issues: Goodwill from an expanded business – can it be integrated with existing business?
Cynthia Voon
14 October 2024
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?
Maximum net asset value test: is the ATO’s stance on previously rented holiday homes justified?
Kay Kim
13 September 2024
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.
Are we enlightened by the draft PSI and Part IVA PCG, or more in the dark than before?
Graeme Prowse
13 September 2024
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.
The importance of identifying the facts and circumstances
Simon Calabria
12 August 2024
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.
“Higgling, haggling and hassling” at the Grand Bazaar – What is expected of taxpayers to justify market value?
Kerry Hicks
9 August 2024
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.
A benefit to an employee in respect of employment (or not?)
Michael Doran
15 July 2024
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.
How ‘fixed’ are your clients’ unit trusts and what are the possible ramifications for misclassifying?
Cynthia Voon
12 July 2024
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.