Resident taxpayers are subject to income tax on income derived in Australia and overseas When Australian residents derive foreign income, the gross amount (including any foreign tax paid on the income) must be included as assessable income. A foreign income tax offset is allowed (up to a limit) for any tax paid overseas. This mitigates […]
Taxation On Foreign Income Read More »
Producing assessable income … When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or
What Legal Expenses Can I Claim As Tax Deductions? Read More »
How prepared are you for tax time? 30th June, the end of the financial year is drawing close and to help you prepare here are our top 7 tips for your 2015-16 tax return. Please note that this list is not exhaustive, and we will need to review the items in light of your personal
Top 7 Tax Tips For Investors Read More »
Profits of professional firms under ATO spotlight! The ATO has updated its guidelines on the taxing of profits made by certain professional firms. Specifically, it is focusing on the risk of arrangements that appear to comply with tax law but are purposefully designed to affect a certain tax position (under a tax avoidance rule known as “Part IVA”). Structured for a
Profits Of Professional Firms Under Scrutiny OF ATO Read More »
Why salary sacrifice an e-bike? Salary sacrificing a “company car” is a popular option, however did you know that there is also a tax and health incentive with another particular set of wheels — an electrically assisted bicycle (e-bike). What is an e-bike? An e-bike is defined as a bicycle-like frame fitted with an electric motor, which
Health And Tax Savings With A Salary-Sacrificed E-Bike! Read More »
Small businesses start up expenses can now be reduced … Start-up small businesses are able to deduct a range of expenses associated with launching their venture, such as the costs of professional, legal and accounting advice. When will these allowable deductions become effective? The government’s “Jobs and Small Business” package announced with the last budget
Professional Fees For Start Up Small Businesses Are Now Deductible Read More »