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

Tax losses and franking offsets for corporates

  Companies are not entitled to a refund of franking tax offsets, however they may be able to convert them to carried forward losses in subsequent years. Companies are able to choose the amount of prior year losses they wish to deduct, after first having offset losses against net exempt income. There are however the

[ Read More ]

Zero CGT discount for non-resident clients? That depends

  The starting point in understanding any complex tax rules (or any complex material for that matter) is usually to understand the “rational” and/or basic “principle” behind the rules. In this case, that basic principle is to deny the CGT discount (in full or part) to a taxpayer if the CGT liability arises after 8

[ Read More ]

What clients need to know with regard to “luxury” sets of wheels

  According to the government, a vehicle is a “luxury” if it costs more than $66,331 (for 2018-19) or $75.526 (for “fuel-efficient” cars). It was $65,094 for 2017-18, with the same fuel-efficient price level. The target to be rated fuel-efficient by the way is for the vehicle to use less than seven litres of fuel

[ Read More ]