What changes are coming? Earlier this year, a Federal Court case about apprentice pay could result in many employers having to back pay apprentices. In November, the Federal Court in Brisbane dismissed claims from All Trades Queensland, Master Builders Queensland, and the Housing Industry Association that apprentices in the State should continue to be covered…
Market corrects Share markets continued late-January’s correction in February before a partial bounce-back saw global shares recover some ground, ending the month down 3.7% in hedged terms. New US Federal Reserve Chair Jerome Powell’s debut testimony flagged the Fed may raise rates 4 rather than 3 times this year. This, along with prospects of a…
A light-hearted look at the complexity of Australian taxation laws Dear Santa, Thank you for the opportunity to provide tax advice for your operation. We are pleased you have initiated this advice as the Australian Taxation Office (ATO) is looking closely at any business or individual that operates within Australia but has significant transactions or…
Other tax and renovation issues The main residence exemption is not the only issue that comes up with property flipping. Tax deductions for rental properties and renovating for profit inside a self-managed super fund (SMSF) are common topics: Can I claim a tax deduction for renovations on my investment property? It is not generally possible to…
What is the main residence exemption? Generally, you do not pay CGT on the sale of your private home. A full exemption should be available if the following conditions are met: You are an individual who is selling a dwelling or an ownership interest in a dwelling; The dwelling has been your home for the…
Why ‘property flipping’ is the next ATO target The tax law does not allow you to ‘flip’ a property tax-free even if you are living in it. Most people think that they can move into a property, renovate it, and then sell it without paying tax. The main residence exemption – the exemption that protects…
How small subsidiaries are being caught by Australia’s new multinational tax crackdown Entities with a global parent or that are part of a large group of companies are being caught in the multinational tax crackdown regardless of their size in Australia. With effect from 1 July 2016, many smaller entities connected to a larger parent…
ASIC penalties ‘the cost of doing business’ The Australian Securities and Investment Commission (ASIC) is set to increase penalties for corporate and financial sector misconduct to deter the fines being seen as the cost of doing business. The impact of the proposed changes would be to expand the range of civil penalty provisions and to…
