Tax

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

An expense that’s hard to categorise? It could be a D15

  Clients now and then may need to be directed towards the supplementary section of a tax return if they are keen to claim a deduction that does not sit comfortably within the other items that precede it. The supplementary section is where we find item D15, “other deductions”. In its guidance, the ATO makes

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PAYG withholding tax tables — a handy reference to keep

  Employers are required to deduct PAYG withholding from salary and wages of their employees as well as payments for directors fees, salary and allowances to office holders, payments to labour hire workers, and compensation, sickness or accident payments calculated at a periodic rate, based on rates approved by the ATO. Others deemed to be

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A tax boost for low and middle income earners

  Your lower and middle income clients won’t see any benefit from a new tax offset announced in May’s Federal Budget until about a year from now, when a lump sum credit is recorded in their tax assessment, courtesy of the ATO. The Low and Middle Income Tax Offset (LMITO), like all tax offsets, reduces

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GST and the sale of vacant land

  A frequent query from tax practitioners who contact Tax & Super Australia’s member-only helpline service is whether a sale of a vacant block of land would be subject to GST. In this worked example, we walk through a scenario where a taxpayer disposes of a vacant block of land on which residential property was

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