In a recent court decision, it was found that disposal of a CGT asset held by an Australian Resident Shareholder was not entitled to the full foreign income tax credit. In practical terms: Let’s assume an individual Australian tax payer owns

Capital Gains Tax (CGT) has been with us since 20 September 1985.  That is now over 34 years. Did you know that if you bought an asset on 20 September 1985 you are still required to hold records of purchase for taxation purposes? In fact you

The ATO's final deadline for STP compliance is 30 September. Small employers (those with 19 or less employees) need to start reporting their wages, PAYG and Super through STP by this date. There are concessions available for employers that

There is legislation currently before Parliament that proposes measures allowing the Tax Office to disclose the tax debt of a taxpayer to credit reporting bureaus. This legislation has been fiercely debated since 2013, but the Government has now

Did you know a NSW business can be liable for your Subcontractors Payroll Tax, Wages and Workers Compensation premiums? The NSW industrial relations, payroll tax and workers compensation laws potentially expose businesses to the Subcontractor’s

If you run a business that is not registered for Goods & Services Tax (GST), your invoices won’t include a tax component and should not have the words 'tax invoice' on it.  You should only issue an 'invoice'. If you are registered for GST,

You may need to report payments you made to contractors to the ATO in a Taxable payments annual report (TPAR). You'll need to lodge a TPAR by 28 August 2019 if: your main business activity is in the building and construction industry and you

This year the ATO has developed fact sheets to help small businesses in claiming three of the most common expenses: Motor vehicle expenses Travel expenses Home based expenses We recommend, if you are running a businesses, that you