SUPERVISORY ARRANGEMENTS The Tax Practitioners Board (TPB) has finalised guidance on the “supervisory arrangements requirements under the Tax Agent Services Act 2009 (TASA)”. The TPB’s draft guidance was released for public consultation on 31 May 2021. The TASA requires all...

MULTILATERAL INSTRUMENT The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, also known as the Multilateral Instrument (MLI), is a multilateral treaty that enables jurisdictions to swiftly modify the operation of their tax...

SMALL BUSINESS CGT CONCESSIONS The ATO has found that some larger and wealthier businesses are mistakenly claiming the small business CGT concessions when they are not entitled to. If you have claimed one or more Small business CGT concessions in...

TEMPORARY SHORTCUT METHOD Due to the continued extenuating circumstances of COVID-19 and lockdowns since 1 July 2021, the 80 cents per hour temporary shortcut method to calculate working from home deductions has been extended to 30 June 2022. It is...

NSW RECOVERY PACKAGE The NSW Government’s Economic Recovery Strategy includes funding to stimulate economic activity in cities and regions with a strong focus on rebuilding and supporting businesses, helping the hip pocket and boosting jobs. The Premier and Treasurer also...

TRANSFER PRICING The ATO has issued a Decision Impact Statement outlining its response to the transfer pricing case of Commissioner of Taxation v Glencore Investment. The taxpayer won the case in the Full Federal Court and the High Court refused…

CRYPTOCURRENCIES The ATO treats cryptocurrency like shares and many other investments, so it is generally regarded as a capital gains tax (CGT) asset. A CGT event occurs when disposing of cryptocurrency. Events can include selling cryptocurrency for a fiat currency,…

2021-22 TAX RATES AND TAX OFFSETS The main 2021-22 tax rate changes and tax offsets are: • The $1,080 low and middle income tax offset (LIMITO) has been extended to this year. • the low income tax offset (LITO) permanently…

BUSINESS TAX NSW RECOVERY PACKAGE On 21 October 2021, the Premier of NSW, The Hon.Dominic Perrottet MP and Treasurer and Minister for Energy and Environment, The Hon. Matt Kean MP, released a joint statement to announce the launch of a…

As a property investor, you might find yourself implementing repairs and renovation work onto a property to ensure that you are maximising its value on the market. However, though both can be claimed on your tax return, it’s of paramount…

There is a proverb that says that it is better to ask for forgiveness than to ask permission. Generally speaking, the idea behind this saying is that if you ask for permission and you do not receive it, then the…

With the demanding conditions that have plagued the retail industry over the past twelve months, business owners need to be aware of all the restructuring options available before it is too late. COVID-19 has unfortunately resulted in reduced foot traffic,…