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

Clients’ car expenses claims to get the blowtorch treatment this tax time

  Assistant Commissioner Kath Anderson has announced that the ATO is particularly concerned about taxpayers either making mistakes or deliberately lodging false claims in relation to work-related car expenses over tax time 2018. “Last year around 3.5 million people made a work-related car expense claims, and together they totalled about $8.8 billion,” Anderson says. “Now that’s a

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Can bitcoin be a personal use asset?

  A question was asked of the ATO recently, via its “ATO Community” webpage (find out more about that here) that centred on the viability of deeming bitcoin (or any cryptocurrency) as a personal use asset. The follow-up portions of the question of bitcoin as a personal use asset were as follows: Does a taxpayer

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Tax-effective distributions to minors

  While unearned income distributed by a trust to minor beneficiaries is generally taxed at punitive rates, this is not always the case, in particular where assets have devolved to the trustee as a result of death or disability. Taxpayers and advisers should therefore be vigilant to ensure that the opportunity to distribute income to

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Clients hiring or firing? Tax tools, forms, and other template letters

Tax tools, forms, and other template letters The following may be helpful for your clients’ dealings with their employees, especially when hiring staff and managing employees once they are on-board. There are also template letters for use when terminating employment. PAYG withholding tables Tax withheld calculator (for employers and other withholding payers) Regular payments Tax

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Travel allowance or LAFHA? And how is each taxed?

  That employees are required to travel for work has become increasingly significant, especially with the growing influence of a more global economy, and the sometimes necessary moving of businesses for expansion or reaching out to new markets. Being asked by the boss to travel for work purposes can be demanding on staff — financially,

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