News

What did I miss? The Bendel case (Bendel and Commissioner of Taxation [2023] AATA 3074) caused a stir when the AAT decided that unpaid trust distributions owed to a private company beneficiary should not be treated as a loan for Division 7A purposes. As expected, the Commissioner has since lodged an appeal with the Federal […]

The Australian Taxation Office have released a new draft ruling on self-education expenses. We revisit the deductibility of self-education expenses and what you can and can’t claim. If you undertake study that is connected to your work you can normally claim your costs of that study as a tax deduction – assuming your employer has

Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency. We show you how to maximise the deduction! The small business energy incentive is the latest measure providing a bonus tax deduction to nudge the investment behaviour of small and medium businesses, this time

Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators. The Victorian Government’s recent Housing Statement announced Australia’s first short-stay property tax. The additional tax, which is scheduled to come into effect from 1 January 2025, is expected to generate $70 million

A number of taxes and duties will be changing in early 2024 as a result of the NSW Government’s 2023-2024 State Budget. Zero and low emission vehicle From 1 January 2024, certain zero or low emissions vehicles will need to pay a road user charge and will no longer be exempt from motor vehicle registration

Key lodgment and payment dates for business for October. 21 October Pay annual PAYG instalment notice (Form N). Lodge only if you vary the instalment amount or use the rate method to calculate the instalment. Lodge and pay quarter 1, 2023–24 PAYG instalment activity statement for head companies of consolidated groups. Lodge and pay September

Why is the ATO targeting self-education expenses? There had to be a reason for the release of a new draft ruling… right? We look at what TR 2023/D1 reveals. Plus, some clarity from the ATO on the Technology Boost. Speaking of the ‘boost’, we also delve into the flow through impact for shareholders of the

The case of the taxpayer who was paid too late! What a difference the timing of employment payments can make to tax outcomes. In this case, the impact of the late payment of a performance bonus paid once the taxpayer became a resident of Australia. We look under the hood of Tawfik v FC of

What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report.   The 2023 Intergenerational Report (IGR) is a crystal ball insight into what we can expect Australian society to look like in 40 years and the needs of the community as we grow and evolve.

What a difference timing makes. A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income. In this case, the taxpayer was a non-resident working in Kuwait. As part of his work, he was entitled to a ‘milestone bonus’ but, the employer was not