PERSONAL INSOLVENCY FAQs PERSONAL INSOLVENCY AGREEMENTS BANKRUPTCY WILL YOU LOSE PART OF YOUR INCOME? Only when agreement terms include income contribution payments, in which case the statutory thresholds will apply. Yes, if income exceeds a statutory threshold. CAN YOU TRADE A BUSINESS? Yes, if agreement allows. It depends on the nature of the business and if [...]
Tax & Structuring
Holiday house tax benefits Now that summer has come and gone, the ATO has been active in issuing reminders about the taxation issues surrounding holiday house. What’s the tax treatment for holiday homes? If your holiday house is just used by yourself, and your family and friends (that is, it is not rented out), then [...]
FBT Liabilities Small business owners can now provide their employees with multiple work-related electronic devices without incurring FBT liabilities. PORTABLE ELECTRONIC DEVICES – AN EXTENDED EXEMPTION The devices can include: Laptops Tablets Calculators GPS navigators, and Mobile phones. Note that eligible small businesses must have aggregated annual turnover of less than $2 million. CASH AWARDS [...]
There is a problem with using your company’s assets for yourself. Assets that belong to your business but are being used for your own benefit or enjoyment, can potentially trigger a tax issue known as ‘Division 7A’. You have established a business in a company to gain the ‘asset protection’ advantages with a corporate veil. [...]
sharing economy Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you participate in what’s now called the sharing economy, you may have some tax to pay. The Tax Office says the sharing economy is a new way of “connecting buyers (‘users’) [...]
The Government is set to profit from overseas businesses supplying digital products and services to Australians, which will be subject to GST from July 1, 2017.