Tax

Authoritative and technically accurate information and guidance on all areas of tax

Post-election: What can your clients expect regarding LMITO?

Now that the government is unchanged, one proposed change contained in the recent federal budget that will most likely be given priority is the increase to the low and middle income tax offset (LMITO). The previously proposed (and legislated) LMITO, applying for the 2018-19 to 2021-22 income years, is to be increased. This will change

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EOFY last-minute tax planning tactics for individuals

This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2018-19 year. While the best strategies are adopted in July (that is, as early as possible in a financial year and not at the end), it’s

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Alternatives to a tax invoice for certain GST credit claims

Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses. A business registered for GST will generally be required to hold a tax invoice for

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STP essentials (relax, it’ll be okay)

With the 1 July 2019 deadline for smaller employees to start reporting via Single Touch Payroll (STP) looming large on the horizon, Tax & Super Australia speaks with Assistant Commissioner John Shepherd, the ATO’s STP program lead, about the STP essentials, and the finer points, that your clients need to know. {A downloadable Fact Sheet

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Main residence CGT exemption when there is no “residence”

There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling. It is a widely recognised fact that an exemption to capital gains tax (CGT) applies to a taxpayer’s principal or main residential property. What

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