It’s that time of year when thoughts turn to relaxing with family and friends and perhaps getting away from it all. If you are going away you no doubt take care to lock the doors and windows, organize for mail and garbage bins to be checked and neighbours notified. But have you secured everything? There…
Against many expectations, Republican Party candidate, Donald Trump, won the United States (US) election. Following an initial bout of sell-offs, many developed share markets calmed after the election as Mr Trump’s victory speech of unity instilled confidence ahead of his induction in the New Year. Equity markets and commodities rallied on the back of expectations…
Serious hardship exists when payment of a tax debt would leave you unable to provide basic living necessities for yourself and your dependants. The Tax Commissioner has the discretion to release you from eligible tax debts. However, the Tax Commissioner is not obliged to exercise the discretion in your favour, even if he is satisfied…
Australian businesses looking to outsource offshore need to be aware of the royalty withholding rules under the tax law. Depending on the substance of an Australian business’s contracts for services, agreements could create a royalty withholding obligation. It is therefore important for businesses to distinguish between payments for services and royalty payments. This article gives…
The Housing Industry Association shows that it now takes 2.04 average full-time salaries to comfortably service a standard mortgage on a median priced detached house in Sydney. So why not pool your assets? The tax issues Capital Gains Tax applies to any change of ownership of a CGT asset, unless the asset was acquired before…
Getting beyond merry: parties and alcohol An employee has a few drinks before the work Christmas party, is served and helps himself freely to alcohol during the party, and then retires to a public bar with a few colleagues. This scenario sounds normal for many work Christmas parties. But, in his wake, this employee apparently…
Super changes The changes to the superannuation (super) system, announced by the Australian Government in the May 2016 Budget have now received Royal Assent. These changes were designed to improve the sustainability, flexibility and integrity of Australia’s super system. Most of the changes will commence from 1 July 2017. Your super is your future –…
The ATO is increasing its focus on holiday home investors and, in particular, whether they are correctly claiming deductible expenses. In the past, the ATO has written to taxpayers reminding them to only claim the deductions they are entitled to, for the periods the holiday home is rented out or is genuinely available for rent.…
