Tax

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

Is the deduction substantiation threshold an ‘80s anachronism?

  Every tax time, the ATO is in the habit of pointing out the most common mistakes or misconceptions that regularly come to its attention — see its Tax myths busted! here. Generally leaving out some item of income is high up on the ATO’s list of taxpayer errors, as is trying to claim deductions

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New GST withholding regime for property buyers

  The payment of goods and services tax (GST) in respect of certain new residential property sales has recently been turned on its head! Commencing 1 July 2018, buyers of new residential premises (other than commercial residential premises or new residential premises created through substantial renovation) or subdivisions of potential residential land (by way of

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Franking and the new corporate tax rates

  As tax practitioners will know, the maximum franking credit that can be allocated to a frankable distribution paid by a corporate tax entity is based on its applicable corporate tax rate for imputation purposes. This can differ from a corporate tax rate, which is the rate of tax payable on a company’s taxable income

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