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Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that o...

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the contract need to support that ...

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence ...

A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO...

The personal income tax cuts legislated to commence on  1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government.After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 Jul...

Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season.  1. Keep team gifts spontaneous$300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result ...

Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.While not a concern for the average worker, if enacted, those with significant property or other illiquid assets in their superannuation fund are most at risk, for example farmers and business opera...

A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction.In this case, the taxpayer successfully argued that the ...

Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences.Inflation and labour supplyRBA Governor Michelle Bullock stated, “Inflation is past its peak and heading in the right direction, but it is lik...

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 behavio...