Amended assessments increasing taxpayer’s income by $10 million not excessive
The Full Federal Court has upheld amended assessments increasing a taxpayer’s income by almost $10 million because the taxpayer could not prove that the assessments were excessive. In so doing, it dismissed the taxpayer’s appeal against the primary judge’s decision reported at Bosanac v FC of T [2018] FCA 946. Facts [...]
Unsophisticated share trading activities not a “business”
Unsophisticated share trading activities not a “business” The AAT has held that a taxpayer’s share trading activities were not a “business” because they were unsophisticated and not carried out in a business-like manner. Consequently, the taxpayer was not entitled to claim or carry forward existing losses in the relevant income [...]
Uber – Taxi or not? The ATO has their say
Is Uber (and other ride sharing services) considered to be a taxi according to the Tax Office?..... The answer may surprise you. In a recent announcement, the ATO has confirmed the the Fringe Benefits Tax exemption for taxi travel does not include ride-sourcing vehicles such as Uber or Lyft. Taxi [...]
11 End of Financial Year resolutions for your business
It's a brand new financial year, and the start of a new financial year is the best time to set business resolutions for the year ahead. To jumpstart your planning, we have put together 11 resolutions no small business should do without. Do a financial health-check of your business The [...]
Winning the Money Mind Games
Success in generating long-term wealth has a lot to do with awareness of the tricks money can play on your mind. How many of these do you recognise? Money and emotion are strongly connected. Purchases often mean something to us personally. They broadcast our identity. They make us feel special. [...]
2019 Federal Election Tax and Superannuation Policies
The 2019 Federal Election has been called for 18 May 2019, with tax and superannuation policies attracting significant attention. We have prepared the following summary of tax and superannuation policies for the current Government - the Liberal-National Coalition, and the Australian Labor Party. The information has been collated from public [...]
ATO’s new cryptocurrency data-matching program
The Australian Taxation Office (ATO) is collecting bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. There has been significant growth in participation of crypto-assets in recent years. It is [...]
Federal Budget 2019-20
Last night, the Treasurer Josh Frydenberg handed down the 2019-20 Federal Budget. Here are some of the key Budget Measures announced. Economic Update Estimated Budget Positions 2018-19 -$4.2 billion deficit 2019-20 $7.1 billion surplus 2020-21 $11.0 billion surplus GDP 2018-19 2.25% 2019-20 2.75% 2020-21 2.75% Unemployment Rate 2018-19 5.00% 2019-20 [...]
Single Touch Payroll
Do you have employees? Do you prepare payroll records? Things are changing from 1 July 2019, and YOU need to be ready! Single Touch Payroll is here! Single Touch Payroll is the biggest legislative change for employers since the introduction of the GST. No matter how many (or few) staff [...]
