Tax

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

Trusts demystified

A dictionary definition of a trust is: “A fiduciary relationship in which one person (the trustee) holds the title to property (the trust estate or trust property) for the benefit of another (the beneficiary).” Why create a trust? One of the big motivations will be to protect assets. Property and assets can be moved into

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DASP explained, and where the revised backpacker tax fits

Whether you’ve been on a working visa and have been slogging away bagging bananas in Tully for six months, or decided to quit your city job and move to Peru, your employer has been putting money aside for your superannuation. Among sorting out all your affairs, you’re probably also wondering what will happen to your

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Top 10 tips for first time lodgers

The ATO says that last year about half a million Australians lodged a tax return for the first time, with a similar number if not more expected to lodge by the time the looming October 31 deadline arrives for getting your tax return in to the ATO. Top 10 tips for first time lodgers. Of

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Substantiation exception for reasonable travel allowance expenses

One of the issues that Tax & Super Australia finds frequently raised by members is the tax treatment of work related travel expenses, as well as the reliance on the “reasonable amounts” prescribed by the Commissioner. In our view, the current ATO guidance may not adequately cover the issues encountered by practitioners and taxpayers. Often,

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5 tips to get home office deductions right

Your client might be sick of the daily commute, or want more flexibility of hours – or it could be that they have a talent or skill that they trust will translate into a fulfilling career in their own business. Or it could just be that the idea of working from home seems to offer

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