tax

The shake up that’s coming to Division 7A

  Discussion about reforms to Division 7A has been bouncing back and forth between the tax practitioner community and Treasury/ATO for many years — since the end of 2012 in fact. And while it’s been tempting to conclude that the powers-that-be perhaps don’t really want change, and were stonewalling us all along, a definite crack

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Personal services income: A refresher

  The introduction of the personal services income (PSI) regime in 2000 changed the way income from personal effort earned by contractors, consultants, and individual practitioners such as doctors is dealt with. There are a number of significant tax consequences for clients caught by these rules. Introduction Personal Services Income (PSI) is income that is

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TPB’s check-up on practitioner CPD activity: Early results are in

  The Tax Practitioners Board has announced that work has begun on reviewing selected tax practitioners’ continuing professional education (CPE) records. The TPB admits that so far its review is still in the early stages, but it says it can share some of the results so far. The TPB review has revealed: only 71% of

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Tax residency rules set for change

  The Board of Taxation (BoT) says it will be undertaking further consultation on what reforms are desirable for the tax residency rules for individuals. This follows previous reviews of Australia’s residency rules going back to 2016 and also 2017. It says the objective of any changes will be to ensure that any proposed new

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